Manufacturing Acquisitions in Tennessee

American Industrial Partners (AIP) has completed the $1.5 billion acquisition of International Paper's Global Cellulose Fibers (GCF) business, with part of the consideration issued as preferred stock carrying a $190 million initial liquidation preference. GCF, headquartered in Memphis, Tennessee, will operate as an independent company and reported approximately $2.3 billion in 2024 revenue with about 3,300 employees and nine manufacturing facilities across the U.S., Canada, and Poland.

MIRATECH, a Tulsa-based provider of emissions and acoustic control solutions, has acquired Advanced Catalyst Systems (ACS), a Maryville, Tennessee manufacturer of catalyst technologies and emission control systems. The acquisition expands MIRATECH’s U.S. catalyst manufacturing capacity, strengthens its East Tennessee footprint, and brings ACS' proprietary coating and substrate capabilities into MIRATECH’s platform to accelerate R&D and support growing emissions-compliance demand.

Primient has acquired full ownership of Primient Covation, the producer of Susterra® and Zemea® 1,3-propanediols. Terms were not disclosed; the acquisition integrates Primient Covation's plant-based diols into Primient's sustainable ingredients portfolio to expand capability and market offerings. The move is intended to generate operational synergies and accelerate development and scale-up of sustainable bio-based materials.

Windjammer Capital has acquired MFG Chemical, a specialty chemical developer and manufacturer headquartered in Chattanooga, Tennessee, from Platte River Equity. Windjammer plans to support MFG's growth through investments in operational excellence, product development, and strategic acquisitions, positioning MFG as a platform within specialty chemicals.

Engineered Plastics Components, Inc. (EPC) of West Des Moines acquired the Portland, Tennessee injection-molding plant formerly operating as Western Plastics, a dedicated supplier to Kirby Co. The purchase included the plant's real estate and equipment and a long-term supply contract with Kirby; EPC plans to double the Tennessee facility (adding 60,000 sq ft) and install larger molding machines to expand capacity and serve additional OEM and Tier-1 customers.

PureTech Scientific LLC, a PE-backed specialty glycolic acid manufacturer, has acquired the Dayton, Tennessee operations of Cymer Chemical. The acquisition—backed by PureTech's sponsor Iron Path Capital—adds tolling, blending, organic synthesis and pilot-scale capabilities to PureTech and strengthens its position in life sciences, personal care and specialty industrial end markets.

Identiti Resources, a national brand implementation and facility services platform headquartered in Hoffman Estates, Illinois, has acquired Cummings Resources, a Nashville-based full-service signage and branding firm with a 115,000-square-foot manufacturing facility in Dothan, Alabama. The deal expands Identiti's manufacturing capacity, project management expertise and national footprint to better serve multi-site brands across retail, hospitality and other end markets.

Nautic Partners has completed the acquisition of Ideal Tridon Group, a Smyrna, Tennessee-based manufacturer of engineered clamps, brackets, fittings, and hose/flow-control products, from TruArc Partners. Nautic will partner with management to support organic growth and pursue add-on acquisitions as part of its Industrials investments.

Durable Products, Inc. (DPI), a Crossville, Tennessee-based manufacturer of custom rubber and polyurethane components used in automotive NVH and industrial applications, has been acquired by GreenLiner, LLC. FourBridges Capital Advisors advised the seller, and DPI president Mike Dalton (seller) will remain with the company in an operating capacity as GreenLiner looks to expand its OEM truck bed mat and related product capabilities.

Universal Fiber Systems LLC has acquired FIT (formerly Fiber Innovation Technology), a Johnson City, Tennessee-based specialty fiber manufacturer. The acquisition is intended to expand Universal Fiber Systems' production capacity, broaden its fiber technology capabilities, and integrate FIT's team and product offerings into its portfolio.

TerraVest Industries Inc. has acquired EnTrans International, a North American manufacturer of tank trailers and specialty transportation equipment, for US$546 million plus up to US$46 million in contingent earn-out. The acquisition adds manufacturing capacity and complementary product lines (Heil, Polar, Kalyn Siebert, Jarco) across the United States, Mexico and Thailand and is intended to expand TerraVest's capabilities, cross-selling opportunities and geographic diversification.

Rhône Group has acquired Copperweld Holdings, Inc. from Kinderhook Industries. Copperweld, the leading U.S. manufacturer of copper-clad steel (CCS) and copper-clad aluminum (CCA) wire headquartered in Fayetteville, Tennessee, will partner with Rhône to support its next phase of growth across building wire, utilities, infrastructure and renewable energy markets.

L Squared Capital Partners has acquired Kano Laboratories, the 85-year-old maker of Kroil penetrating oils and Super Lube synthetic lubricants, from Gryphon Investors. The transaction — led by L Squared's Fund IV with co-investment from select limited partners and participation from Kano's executive leadership team — positions Kano as a platform for add-on acquisitions targeted at specialty chemical and industrial MRO businesses.

3Z Brands, a vertically integrated mattress manufacturer and DTC brand portfolio, has acquired Southerland, a 120+-year-old mattress manufacturer with four U.S. production facilities. The deal expands 3Z's nationwide manufacturing footprint (adding East Coast capacity in Nashville), brings Southerland's in-house transportation business into 3Z, and positions the combined company to better serve retail and e-commerce customers across 43 states.

Court Square Capital Partners closed a single-asset continuation fund for PlayCore Group with Sage Equity Investors acting as the sole lead investor and capitalized primarily by funds managed by Leonard Green & Partners. The transaction provided liquidity options for existing investors while allowing PlayCore management to remain significant equity holders and Court Square to continue as the control investor; the new capital will support PlayCore's organic growth and future M&A.

The Middleby Corporation (NASDAQ: MIDD) has acquired JC Ford, a Columbia, Tennessee-based manufacturer of automated tortilla and tortilla chip production systems. The acquisition expands Middleby's Food Processing Group product portfolio into the growing snack/tortilla segment and is expected to provide synergies and margin opportunities.

Terex Corporation completed the all-cash $2.0 billion acquisition of Environmental Solutions Group (ESG) from Dover Corporation, enhancing Terex’s presence in the waste and recycling equipment market. The deal is expected to be EPS-accretive, deliver roughly $25 million of identified synergies by 2026, and broaden Terex's North American revenue exposure.

Houston-based Pelican Energy Partners has acquired MillenniTek, LLC, a Knoxville, Tennessee developer and manufacturer of advanced ceramic materials for the nuclear energy industry. MillenniTek's CEO Steve Getley will remain in place and retain significant ownership as Pelican partners with management to drive domestic and international growth and create jobs in Tennessee.

LFM Capital portfolio company SureKap LLC has acquired Technical Beverage Services, a Telford, Tennessee-based manufacturer of replacement parts for high-speed fillers, cappers and box makers. The add-on strengthens SureKap's parts and service offering across the food & beverage and packaging markets and aims to create a one-stop automated packaging solution; financial terms were not disclosed.

Tide Rock, an unlevered buyout firm, has acquired Premier Packaging Inc., a full-service contract packaging company based in Memphis, Tennessee. Tide Rock plans to scale Premier Packaging's service offering and customer reach by appointing Ignacio Campos as CEO and working with the company's founder and executive team to expand capabilities and grow with existing Fortune 500 and high-growth clients.

Soler & Palau Ventilation, Inc. (S&P USA) has acquired certain operating companies of United Enertech (including Air Conditioning Products, Air Performance, Metal Form Manufacturing and United Enertech Corp.) from DalFort Capital Partners. The acquisition expands S&P’s ventilation and HVAC components portfolio and adds manufacturing locations in Michigan, Arizona, Alabama and Tennessee; terms were not disclosed.

Valesco Industries completed a majority buyout of American Bedding Manufacturers (ABM) on March 26, 2024, marking the second platform investment from Valesco Fund III. Headquartered in Athens, Tennessee, ABM is a niche manufacturer and distributor of mattresses, bed frames and case goods serving institutional end markets; the founders, Boyd and Dale Reynolds, sold a majority stake and FourBridges Capital Advisors acted as exclusive financial advisor.

Titan International, Inc. acquired Carlstar Group LLC for approximately $296 million in a cash-and-stock transaction that closed on February 29, 2024. The deal (funded with $127 million cash and $169 million in Titan equity) expands Titan's manufacturing and distribution footprint—adding four manufacturing facilities and twelve distribution centers—and brings Carlstar's ~2023 revenue of $615 million under Titan's ownership; Carlstar was majority owned by funds affiliated with American Industrial Partners (AIP).

Kymera International has acquired the majority of the assets of Royal Metal Powders after Royal decided to close its Maryville, Tennessee plant. Kymera — a Palladium Equity Partners–backed specialty materials platform — will continue limited operations at the Maryville facility under Royal leadership while transferring production into Kymera’s plants in North Carolina, Pennsylvania and Germany to ensure continuity of supply.

Charger Investment Partners has partnered with SBG management to acquire SBG Holdings, a Rockford, Tennessee–headquartered manufacturer of consumables and specialized equipment for polished concrete flooring (brands include SASE and Bartell Global). Financial terms were not disclosed; the seller was Blue Point Capital Partners, which had owned SBG since 2017 and significantly expanded the platform prior to the sale. Charger said it will work with management to accelerate growth and continue product innovation.

RefrigiWear, a leading manufacturer of insulated industrial workwear based in Dahlonega, Georgia, has acquired Avaska, a smaller premium insulated workwear brand known for European-style freezer gear. The acquisition expands RefrigiWear’s brand portfolio (now including RefrigiWear, Avaska and Samco Freezerwear) and broadens its product selection for customers across the cold chain and outdoor cold-weather work environments.

An affiliate of SteelPro, a portfolio company backed by LFM Capital, acquired the assets of Memphis-based CoBuilt, LLC. The asset purchase expands SteelPro's fabrication capabilities and adds a second manufacturing facility in the Memphis area; terms were not disclosed.

Houston-based private equity firm Pelican Energy Partners has acquired Container Technologies Industries, LLC (CTI), a Helenwood, Tennessee manufacturer of containment solutions for the nuclear industry, from a group of private (legacy) shareholders. In addition to a majority buyout, Pelican provided growth capital to expand CTI’s manufacturing capacity and has appointed Dr. Danielle Castley as President to lead capability expansion and serve DOE, DOD and commercial nuclear customers.

Clean Solutions Group (CSG), a platform backed by private equity firm Branford Castle Partners, acquired HDK Industries and will consolidate the HDK brand into its Fibrix Filtration business. The add-on expands CSG’s nonwoven filtration and specialty medical materials capabilities across air, liquid and medical filtration end markets; terms were not disclosed.

Integrated Warehouse Solutions (IWS), a Burleson, Texas-based material handling platform backed by Wincove Private Holdings, has acquired Pioneer Dock Equipment of Spring Hill, Tennessee. The deal brings Pioneer’s loading dock manufacturing capabilities and dealer distribution network into the IWS portfolio to expand product breadth and support across North America.

The Timken Company has acquired Des-Case Corp., a Nashville-based manufacturer of specialty filtration products for industrial lubricants, from Industrial Growth Partners. Des-Case, which employs about 120 people and expects roughly $40 million of revenue in 2023, expands Timken's industrial motion portfolio with complementary filtration consumables and condition-monitoring solutions and offers cross-selling and international expansion opportunities.

Trystar, a Goldner Hawn portfolio company, has acquired Cyber Sciences, a Murfreesboro, Tennessee-based maker of sequence-of-events recorders and GPS time-synchronization devices. The add-on acquisition, purchased from Patoka Capital LLC, expands Trystar's power monitoring, diagnostics and analysis capabilities for data center, healthcare and critical-power markets.

Miller Industries, Inc. (NYSE: MLR) acquired Southern Hydraulic Cylinder, Inc., a custom hydraulic cylinder manufacturer headquartered in Athens, Tennessee, in an all-cash transaction for approximately $17.5 million. The acquisition is intended to vertically integrate Miller's supply chain, improve sourcing flexibility and reduce lead times for hydraulic components.

Zone Enterprises, a St. Louis-based custom engineered sealing and gasketing manufacturer, has acquired Can-Do National Tape (CDNT), a Nashville-based converter and distributor of pressure-sensitive adhesive tapes and related materials. The acquisition—purchased from private equity owner High Street Capital—expands Zone's product offering, converting capabilities and North American manufacturing footprint.

Gryphon Investors made a majority investment in Techmer PM, a Clinton, Tennessee-based designer and producer of engineered materials and color/additive masterbatch solutions. SK Capital Partners and Techmer founder/management will remain significant investors; the recapitalization is intended to support Techmer's continued growth and capability expansion (terms were not disclosed).

LFM Capital completed a control investment in IronCraft, LLC (formerly Titan Implement) in November 2021, acquiring the East Tennessee manufacturer of agricultural implements and skid-steer attachments. Northstar Capital provided junior debt and an equity co-investment to help finance the transaction; founders Mike Turner and Baily Turner are stepping away from day-to-day roles.

Sandvik AB has signed an agreement to acquire the assets of Peterson Tool Company, Inc., a Nashville-based custom carbide tooling manufacturer that supplies machine-specific custom insert tooling for high-production turning and grooving. Peterson Tool (73 employees; ~$9m revenue in 2021) will be reported in Sandvik's GWS Tool business unit within Sandvik Manufacturing and Machining Solutions; the transaction was expected to close in Q2–Q3 2022.

Matrix Adhesives Group, a portfolio company of Goldner Hawn, has acquired Adaseal International. The acquisition adds Adaseal’s Waverly, Tennessee-based private-label packaging and RTV silicone/sealants manufacturing capabilities to Matrix’s platform, expanding its formulating, compounding, manufacturing and packaging services.

SPX Corporation has completed the acquisition of International Tower Lighting, LLC (ITL), a La Vergne, Tennessee–based designer and manufacturer of obstruction lighting systems and tower monitoring services. ITL (approximately $18 million revenue) will be reported as part of SPX's AtoN platform within its Detection & Measurement segment and is expected to modestly accrete segment margin.

Dayton Superior Corporation has acquired Kodi Klip, LLC from managing partner LoJac Holdings Corporation, Inc., expanding Dayton Superior's rebar connection product portfolio. Kodi Klip, a Lebanon, Tennessee-based manufacturer of the Kodi Klip Rebar Connection System, will continue operations in Lebanon in the near term before transitioning to Dayton Superior's headquarters.

FutureTech Holding Company, Beau Wells, and MLJB Holdings acquired longtime Chattanooga wide-format printer Vincent Printing from owners Doug and Charlie Casey, with the deal closing December 29, 2021. Beau Wells was named President and CEO and the new ownership said it will invest in technology, equipment, facilities and expand product offerings and markets.

Logic Capital Partners, a private equity group focused on manufacturing and distribution, has acquired Mills Products Incorporated, a turnkey metal fabricator based in Athens, Tennessee. FourBridges Capital advised Mills Products on the sale; the PE sponsor plans to support growth while preserving the company's legacy and manufacturing capabilities serving appliance and automotive customers.

RFE Investment Partners-backed Trident Motion Technologies has acquired Global Point Technologies (GPT), a global sourcing and contract manufacturing provider specializing in injection molding, solenoids, wire harnesses and electro-mechanical assemblies. The acquisition adds supply chain, engineering and value-added manufacturing capabilities to Trident Motion's portfolio to better serve automotive, medical, industrial and commercial OEM customers.

Crown Capital Investments, an Atlanta-based private equity firm, has acquired Climashield, a Clinton, Tennessee-headquartered manufacturer of continuous filament insulation used by military and premium outdoor recreation brands. The acquisition adds a specialty insulation manufacturer to Crown Capital’s industrial and specialty manufacturing portfolio and creates synergy with existing portfolio company Graniteville Specialty Fabrics.

SSW Advanced Technologies, a portfolio company of Trive Capital, has acquired Schott-Gemtron Corporation, a North American manufacturer of specialty glass parts and systems for the appliance and HVAC markets. The deal expands SSW's product portfolio and manufacturing capacity across the United States, Mexico and Canada and adds product development capabilities to better serve appliance OEM customers.

ILUS International Inc. (Ilustrato Pictures International Inc.) has acquired Bull Head Products Inc., an aluminum truck bed manufacturer based in Kodak, Tennessee. The acquisition secures US manufacturing capacity for ILUS’s FireBug rapid-response vehicles, electric utility vehicles and other vehicle bodies, and ILUS expects to scale production and revenue by expanding facilities and sales efforts.

Sixeight, a Knoxville-based growth equity firm, has acquired US Machine & Tool, a Murfreesboro, Tennessee precision CNC machining and fabrication company. Sixeight said the acquisition will enable capital investment and operational support to grow revenue and profitability while expanding regional manufacturing capabilities.

Revolution, a Little Rock-based sustainable plastics manufacturer, has acquired Five Points Films, a Shelbyville, Tennessee manufacturer of cast hand and machine stretch film. The add-on expands Revolution’s national footprint and stretch-film manufacturing capacity and will enable the application of Revolution’s recycled-content, circular manufacturing capabilities to the stretch film market.

AHF Products has acquired certain assets of American OEM, the trade name of Cumberland Products Group, LLC, adding the Raintree, Hearthwood and Emily Morrow Home hardwood flooring brands and an engineered hardwood manufacturing facility in Only, Tennessee. AHF — a PE-backed flooring platform — said the acquisition will expand its product capabilities, reduce lead times, and deepen relationships with American OEM’s distributor and retail customers.

Platinum Equity acquired a controlling stake in SVP-Singer Holdings, Inc. (SVP Worldwide), the world’s largest consumer sewing machine company, in a transaction completed in August 2021. SVP Worldwide, headquartered in Nashville, Tennessee and owner of the SINGER, VIKING and PFAFF brands, will continue to be led by CEO Carl-Martin Lindahl and Executive Chairman Stan Rosenzweig while existing shareholders and management retain a meaningful equity interest; Platinum Equity intends to support product innovation, operational transformation and potential add-on growth.