A heavyweight in thermoforming machinery, Thermoforming Technologies Group LLC, has been bought by private equity Tenex Capital Management. The previous owner was private equity Spell Capital.
TTG of Beaverton, Mich., owns Brown Machine LLC and Lyle Industries Inc. Both are thermoforming equipment producers; TTG bought Lyle in summer 2014. Spell acquired Brown in 2008.
“We believe TTG is a high quality business, with a strong leadership and solid end markets,” noted Tenex Capital CEO Michael Green in a news release.
Tenex invests in middle-market companies. Its portfolio doesn't contain any other plastics industry companies but it does have stakes in two medical devices firms that would rely on plastic components.
“As a result of this transaction, we become even better positioned to bring our market leading technology and service to the next level,” stated TTG CEO Bryan Redman in a March 14 news release.
At K 2016 in Düsseldorf, Germany, Brown Machine is exhibiting at Hall 3, Booth C50.