Balmoral Funds Takes Trecora Resources Private

Trecora Acquires Chemtrade's Lubricant Additives Business (Lawrence, KS)

November 9, 2023

Manufacturing

Trecora LLC, an affiliate of private equity firm Balmoral Funds, has acquired the lubricant additives business of Chemtrade Logistics located in Lawrence, Kansas. The acquired business — a leading North American producer of phosphorus pentasulfide (P2S5) — will be integrated into Trecora's Specialty Chemicals business; financial terms were not disclosed.

Altaris Acquires Trean Insurance Group

April 18, 2023

Insurance

Altaris, LLC completed a take-private acquisition of Trean Insurance Group, Inc., acquiring the remaining publicly held shares for $6.15 per share in a transaction that implied an approximate $316 million equity value. Trean will remain headquartered in Wayzata, Minnesota, with Julie Baron continuing as President and CEO and founder Andrew O'Brien remaining as Executive Chairman and an investor; Trean will cease trading on Nasdaq following the closing.

Bielenda Group Acquires Torf Corporation (Tołpa & ON)

January 1, 2023

Consumer Products

Bielenda Natural Cosmetics will acquire 100% of Torf Corporation, the owner of the Tołpa and ON brands, in a transaction supported by Bielenda’s main investor Innova Capital. The majority stake in Torf is being sold by private equity firm Resource Partners; the deal will expand Bielenda’s product portfolio—including entry into oral hygiene—and awaits approval from the Polish Office of Competition and Consumer Protection.

EQT Infrastructure to Acquire Majority Stake in Trescal from OMERS

November 28, 2022

Industrial Services

EQT Infrastructure V has entered exclusive negotiations to acquire a majority stake in Trescal, the Paris-headquartered global leader in calibration laboratories, from OMERS Private Equity, which will remain a minority investor. Trescal operates more than 380 laboratories across 29 countries with ~4,400 employees and ~€450m in annual revenue; EQT will support the company's geographic expansion, digitization and capability development.

Balmoral Funds Affiliate Acquires Resco Products, Inc. from Wellspring Capital

March 8, 2022

Manufacturing

An affiliate of Balmoral Funds LLC has acquired Resco Products, Inc., a North American refractory manufacturer based in the Pittsburgh area, from an affiliate of Wellspring Capital Management LLC. Balmoral (led by industry veteran Kevin Handerhan as Chairman) intends to deleverage Resco's balance sheet and invest in the company's operations to support growth across steel, cement and petrochemical end markets.

Baring Private Equity Asia Acquires Tricor Group from Permira

November 2, 2021

Professional Services

Funds affiliated with Baring Private Equity Asia (BPEA) have agreed to acquire Tricor Group from Permira in a transaction that values Tricor at an enterprise value of $2.76 billion. The deal, expected to close in H1 2022 subject to regulatory approvals, gives BPEA a platform to support Tricor’s continued growth across Asia; Tricor serves ~50,000 clients with roughly 2,800 employees across 21 markets.