Transaction is 5th platform acquisition for the Chicago private equity firm,
and 11th deal closed in the past 30 months
CHICAGO, IL - May 31, 2007 - WHI Capital Partners (WHICP), a
Chicago-based private equity firm focusing on the lower-middle market,
today announced the acquisition of Ohio-based Victory Industrial
Products, Inc., a leading manufacturer of custom enclosures and fuel
tanks for power generating units.
Formed in 1985, Victory employs more than 115 people and operates
from a new and recently expanded 112,000 square-foot manufacturing
facility in Batavia, Ohio. The company manufactures custom-designed
enclosures, known as power packages, used in the provision of back-up
power systems, as well as other equipment for diesel-engine power
generating units, commonly called gensets.
Victory’s products include custom steel enclosures and integral fuel
tanks , which protect gensets from the environment, provide sound
attenuation, and support the unit’s electrical and exhaust systems.
Power packages are increasingly used in a wide variety of industrial,
commercial and municipal applications, including the provision of
back-up power systems for hospitals, big-box retailers, airports, data
centers, and correctional facilities as well as on and off-shore oil
and gas exploration.
Chicago-based WHICP is a private equity firm targeting lower middle
market investments in leading niche manufacturing, value-added
distribution and specialty service companies with revenues between $10
– 100 million. Terms of the Victory acquisition were not disclosed.
“The demand for diesel gensets has increased over recent years and
continues to grow as businesses address their back-up power source
needs. Victory is ideally positioned to capitalize on that demand,”
said Eric Cohen, WHICP’s managing partner. “We are very excited about
the opportunities in the market, as well as working with the existing
management team, which did an exceptional job building the business.”
“I am excited about the operational and financial resources WHICP
will bring to help us manage our continuing growth,” said Dale Freeman,
Victory president and co-founder. Chief Operating Officer and
co-founder Bonnie Freeman added, “We’re really looking forward to
taking Victory to the next stage in its development.”
WHICP recruited manufacturing veteran Bob Carter to become Victory’s
chief executive officer, augmenting the company’s current management
team. Carter has a 30-year track record in manufacturing and
operations, most recently as CEO of a commercial and off-road /
construction vehicle wire harness manufacturer. “Along with the
Freemans, I am looking forward to working with our customers to provide
the highest quality products and service to meet their needs and create
future business growth,” said Carter.
About WHI Capital Partners
WHI Capital Partners (www.whicapital.com)
is a Chicago-based private equity firm that invests in leading niche
manufacturing, value-added distribution and specialty service companies
with revenues between $10 – 100 million. WHICP focuses on creating a
true partnership with a company’s management team with the goal of
enhancing operational efficiency along with developing and executing a
clearly defined growth plan to build value. Backed by the financial
strength and resources of its parent firm, William Harris Investors,
Inc., WHI Capital Partners provides a unique solution to help a company
capitalize on its long-term opportunities. For more information
contact Eric Cohen at (312) 604-7901 or ecohen@whicapital.com.
About Victory Industrial Products
Victory Industrial Products is a leading manufacturer of custom enclosures and integrated fuel tanks for diesel-fueled power generating units, commonly used in the provision of back-up power. Based in Batavia, Ohio, the company employs more than 115 people and operates from a 112,000-square-foot manufacturing facility. For more information, please contact Dale Freeman, president, at dale@victoryindustrialproducts.com or Bob Carter, chief executive officer, at bob@victoryindustrialproducts.com.