An affiliate of Turnspire Capital Partners (Turnspire) has sold Turnspire portfolio company UPG Company (UPG) to The Partner Companies (TPC). Terms of the transaction have not been disclosed.
UPG is a designer, manufacturer and assembler of highly engineered components for data centre, 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 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.
Cowen & Co represented UPG as its financial advisor and Chapman and Cutler LLP acted as UPG’s legal counsel in connection with the sale.
