Turnspire Capital Partners Sells UPG To The Partner Companies
New York, NY – Turnspire Capital Partners LLC (“Turnspire”) announced that an affiliate has sold Turnspire portfolio company UPG Company, LLC (“UPG”) to The Partner Companies, LLC (“TPC”). Terms of the transaction were not disclosed.
UPG is a leading designer, manufacturer and assembler of highly engineered, mission-critical components for data center, healthcare, energy and diversified industrial end-markets. Headquartered in Houston, Texas, UPG also operates manufacturing facilities in Wales, United Kingdom and Suzhou, China, enabling it to serve customer needs on both a local and global basis.
Since carving out UPG from MedPlast, Inc. in 2016, Turnspire and management have transformed the business from a non-core subsidiary into an independent, growing, best-in-class supplier to its diversified customer base. UPG has won new strategic business from market-leading customers across several continents, launched new industry-leading products, and invested in new engineering and manufacturing capabilities while maintaining world-class quality and customer service. Under Turnspire’s ownership, UPG dramatically improved its profit margins and increased EBITDA significantly.
“UPG was a fantastic investment for Turnspire and a great example of our ability to complete complex transactions, dramatically improve businesses through strategic and operational initiatives, and ultimately realize value that others had not recognized” said Ilya Koffman, Managing Partner of Turnspire. “We thank and commend CEO Maurice Murphy and the UPG management team for their hard work, dedication and incredible success. We wish the talented and dedicated employees of UPG further success under TPC ownership.”
Mr. Murphy added, “Turnspire was a truly engaged and value-added owner and partner for me and the UPG team over the past six years. This very successful outcome is a result of our excellent accomplishments transforming and growing the business. UPG’s future is bright, and I am excited to continue leading this great business.”
Cowen & Co. represented UPG as its financial advisor and Chapman and Cutler LLP acted as UPG’s legal counsel in connection with the sale.
About Turnspire Capital Partners Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions.
For additional information, please visit www.turnspirecap.com.
CONTACT: Mark Semer
Gasthalter & Co.
(212) 257-4170
turnspire@gasthalter.com