Pittsburgh-based TMI International LLC, a maker of PVC-based film, panel and sheet products as well as PVC-coated curtains and screens, has been acquired by the private equity firm River Associates Investments LLC of Chattanooga, Tenn.
TMI President and CEO David Rimbey describes River Associates as a new partner for the company, which was founded in 1988 and purchased by the private equity firm ShoreView Industries of Minneapolis in 2006.
“River's time-tested record and strategy of partnering with organizations for both organic and acquisitive growth will allow us to continue to provide market-leading products and services for our customers,” Rimbey said in a press release.
Terms of the deal weren't disclosed. River Associates targets lower middle market companies that have earnings before interest, taxes and depreciation (EBITDA) of $3 million to $12 million and are in the United States and Canada.
TMI is an international manufacturer and supplier of products that improve work safety, cleanliness, comfort and efficiency. The company's first product line was PVC strip doors, also called strip curtains, offered as inexpensive doorway closures. Hung at loading dock bays and inside warehouses and cold storage facilities, the strip doors block wind, weather, dust and other elements, allowing businesses to save on energy bills without disrupting work flow.
TMI's flexible PVC-based products also are used for tarps, truck covers, curtains, partitions, exercise mats, bounce houses and awnings.
In September 2013, TMI was doing the acquiring when it bought Simplex Isolation Systems in Fontana, Calif., to expand its geographic reach with a West Coast presence in sales and manufacturing and its product line in the area of environmental control systems for clean rooms and data centers.
TMI also has business operations in Cuyahoga, Ohio, and Norcross, Ga.
River Associates will take TMI to the next level of growth and performance, according to Mike Brookshire, a partner at the firm.
“By supporting targeted, robust efforts to build on the string foundation already in place, we believe TMI can grow its industry-leading products and services four our customers,” he said in a press release.