Industrial Opportunity Partners’ has secured financing for the acquisition of Trantech Radiator Products, Inc.
Lincoln International, a leading global mid-market investment bank, announces the successful completion of a financing for the acquisition of Trantech Radiator Products, Inc. (“Trantech” or the “Company”) by Industrial Opportunity Partners (“IOP”). Trantech is the leading manufacturer and supplier of radiators to the North American electric power transmission and distribution industry. The Company’s products provide heat dissipation for transformers during the electricity conversion process. Founded in 1932, Trantech has a long history of providing critical components to transformer manufacturers and offers the broadest product line in the industry.
Lincoln International acted as exclusive financial advisor to IOP in the Company’s financing placement. The financing consisted of $16.0 million in senior secured credit facilities and $9.0 million of senior subordinated notes. Proceeds from the transaction were used to finance the acquisition, pay fees and expenses associated with the acquisition and provide for the Company’s ongoing working capital needs. The senior credit facilities were provided by Associated Bank and the senior subordinated notes were provided by Fidus Investment Corporation. The transaction was completed November 4th, 2011.
As IOP’s and the Company’s exclusive financial advisor, Lincoln International worked closely with IOP and Trantech’s senior management team on all aspects of the transaction, helping to structure, arrange and negotiate the financing. Ken Tallering, Senior Managing Director of IOP, commented, “We were extremely pleased with Lincoln’s execution on the Trantech transaction, which resulted in a financing package that exceeded our expectations.” Adam Gottlieb, Managing Director of IOP, added, “Lincoln provided extensive senior-level support throughout the financing process, allowing IOP to focus on our operational and business due diligence of Trantech.” Bob Horak, Managing Director and Co-Head of Lincoln’s Debt Advisory Group commented, “We are very proud of this transaction as it continues our strong relationship with IOP and represents our second acquisition-related financing placement for IOP in 2011. In addition, Trantech provides another example of how Lincoln’s debt advisory professionals can enable high quality sponsors, like IOP, to focus on critical deal execution tasks and maximize use of their time in a highly competitive M&A environment.”
About Trantech Radiator Products, Inc.
Trantech is the leading manufacturer and supplier of oil-filled radiators to the North American electric power transmission and distribution industry. The Company has long-standing relationships, many of which span over 30 years, with global transformer manufacturers. Trantech operates from a single facility in Edgefield, South Carolina. For more information, visit Trantech’s website at www.trantechradiators.com.
About Industrial Opportunity Partners
IOP is an Evanston, Illinois based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses. For more information, visit IOP’s website at www.iopfund.com.
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