JMH Capital has sold Tri-Star Protector Service Company to Protective Industries, Inc., a portfolio company of Windjammer Capital Investors
Lincoln International (“Lincoln”), a leading global middle market investment bank, is pleased to announce that Tri-Star Protector Service Company (“Tri-Star” or the “Company”) has been sold to Protective Industries, Inc. (d/b/a Caplugs), a portfolio company of Windjammer Capital Investors LLC. Tri-Star was an investment of JMH Capital (“JMH”).
Founded in 1989, Tri-Star has evolved from an entrepreneurial organization into a world-class entity recognized as a leading provider of comprehensive environmental solutions to the North American oil and gas market. The Company’s unique cradle-to-grave business model combines a best-in-class reverse logistics platform with the reconditioning and resale of used protective products, and the sourcing, marketing, and sale of new protective products. Tri-Star’s waste recovery, reconditioning and recycling services widely appeal to the corporate sustainability programs of its customers, which include major oil and gas companies, well-site operators and casing and tubing mills and distributors.
Lincoln acted as the exclusive financial advisor to Tri-Star and JMH, working closely with the management team and shareholders throughout the sale process. Lincoln’s role included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
John Nies, Managing Director at JMH, commented, “By combining deep knowledge of the oil and gas industry with strong execution expertise, Lincoln created an outstanding outcome for the Company’s shareholders. Moreover, as a result of Lincoln’s collaborative approach with management, Tri-Star secured an exceptional partner to continue its impressive growth trajectory. This transaction is a fantastic outcome for our fund, as well as the Tri-Star management team and its employees.”
Gary Warwick, Tri-Star’s Chief Executive Officer, added, “Lincoln’s unique insights and in-depth understanding of our business model, drawn from the firm’s extensive experience in environmental services, reverse logistics and the energy market, allowed them to share our story and value proposition in a highly compelling manner. Caplugs provides us with a tremendous growth platform and is the right strategic partner for Tri-Star moving forward.”
About JMH Capital
JMH is a Boston-based private equity firm that invests in exceptional businesses where there are significant opportunities to accelerate growth, improve operating performance, and acquire complementary operations. JMH prefers to work closely with talented, entrepreneurial management teams, providing strategic, operating, and financial guidance to facilitate their success, substantially enhancing long-term value. The firm’s partners bring a diverse and complementary blend of expertise and proven experience, which provides practical insight into middle market companies. JMH has an extensive track record of investing jointly with management teams across a wide range of transactions, including recapitalizations, management buyouts, corporate divestitures, leverage buyouts, and spin-offs.
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