Borgman Capital Partners with Technical Products, Inc., Ohio-Based Leader in Chemical Distribution
MILWAUKEE – (February 19, 2024) – Private equity firm Borgman Capital announced today its partnership with Technical Products, Inc. (TPI), a customer-focused, regional chemical distributor headquartered in Cleveland, Ohio. Tom Perovsek will remain president of TPI, a role he has held since 2001. Terms of the transaction were not disclosed.
"We welcome Technical Products, Inc. to our portfolio of companies. TPI is a prime example of what we look for in an investment – a stable business with a great reputation, strong management, and opportunities to serve both its customers and vendors in more ways. We look forward to partnering with Tom and the existing management team to continue to grow the company,” said Sequoya Borgman, founder and CEO of Borgman Capital.
Founded in 1955, TPI fulfills an integral role as intermediary between chemical suppliers and manufacturers of a broad variety of products. The solvent, oil and chemical lines carried by TPI have a wide variety of end-use applications such as plastics, rubbers, fabrics, adhesives, lubricants, paints and coatings, and cleaning products. Products distributed by TPI can also be found in electric vehicle batteries, fuel additives to reduce emissions, and agricultural products. The company currently serves customers in a 175-mile radius across Ohio, Pennsylvania, Indiana, and Michigan.
“I've dedicated most of my career to Technical Products, including nearly 25 years as president. It is extremely exciting to be in the position to attract a partner like Borgman Capital,” said Perovsek. “We were looking for a capital partner to help us develop additional capabilities to better serve our customers, whether that be additional products, higher service levels, or expanded geographies. Borgman Capital understood our goals immediately and has a strong track record growing companies of our size, making them the ideal partner for us in our next chapter of growth.”
TPI is Borgman Capital’s seventeenth acquisition since the firm’s founding in 2017.
First Business Bank provided senior financing and Reinhart Boerner van Deuren served as legal counsel for Borgman Capital. Accounting diligence and advisory services for the transaction were performed by Eisner Amper.
##
About Borgman Capital
Founded in 2017, Borgman Capital is a private equity firm focused on investing in successful lower middle market businesses that are poised for growth. The firm acquires companies with annual revenue between $10 and $100 million and EBITDA between $2 and $15 million. Our professionals work with business owners to explore deals in a fair, flexible and creative manner. Borgman Capital is headquartered in Milwaukee with additional operations in the Twin Cities. Learn more at borgmancapital.com.
Tom Perovsek