Brown Gibbons Lang & Company announced today the sale of Western Pneumatic Tube Company, a portfolio company of Superior Group, Inc., to Tinicum Capital Partners II, L.P., a private equity fund managed by New York-based Tinicum Capital Partners. SGI engaged BGL as its exclusive financial advisor with respect to the sale process due to BGL’s extensive experience in the metals industry. Terms of the transaction were not disclosed.
WPT, based in Kirkland, Washington, is one of the world’s leading manufacturers of large diameter, light wall welded tubing products primarily for the aerospace industry. The company’s custom-formed welded tubes are produced in three primary alloys – nickel, titanium, and stainless steel. During its 50-plus year history, WPT has captured a significant share of its served aerospace market, having become the vital supplier of welded tubes to high-profile aerospace OEMs and sub-tier assembly manufacturers such as Boeing, Airbus, Pratt & Whitney, and General Electric.
“WPT is a market leader that has consistently generated strong financial performance throughout its operating history and tenure with SGI,” said Peter Gould, president of SGI. “BGL executed a highly professional and effective sale process, which yielded several interested parties and culminated in substantial value for all parties involved in the transaction.”
“WPT’s longstanding history, reputation for quality, and strong customer relationships made it a compelling investment opportunity,” said Scott Berlin, managing director and principal at BGL. “Tinicum represents an excellent partner to assist WPT in capitalizing on its leading market position and the positive growth characteristics in its key aerospace end-market,” commented Effram Kaplan, Vice President at BGL.
The sale of WPT marks the second sell-side transaction BGL has successfully completed on behalf of SGI. Additionally, this transaction represents the sixth successful assignment completed by BGL’s Metals and Metals Processing group in 24 months.
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers and acquisitions, debt and equity placements, and financial restructurings. BGL is the U.S. partner firm in Global M&A, one of the world’s leading partnerships of top-tier, mid-market, cross-border investment banks. Global M&A was named 2005 Investment Bank of the Year by The M&A Advisor. For more information, please visit www.bglco.com.
SGI, which traces its origins to 1934, is a Philadelphia-based holding company. SGI’s companies are unique corporate entities with diverse product lines, widespread geographic locations, and distinct cultures. Each is a leader in their respective fields or market niches, having earned strong positions through technological innovation, competitive instincts, and commitment to quality. For more information, please visit www.superior-group.com.
Tinicum Capital Partners, founded in 1998, is a New York-based private equity firm currently investing its second fund with committed capital of $1.2 billion. More information on Tinicum is available online at www.tinicum.com.