The Partner Companies, LLC (TPC) announced today that it acquired the membership interest of UPG Company, LLC. from an affiliate of Turnspire Capital Partners, a New York private equity firm.
UPG, based in Houston, is one of the world’s leading designers, manufacturers, and assemblers of mission-critical components used in medical, energy, and technology applications. Recognized by its global customers as an engineered solutions provider, UPG operates from three continents with facilities in the U.S., China, and the U.K. The company’s products include KVM rack-mounted console kits, drive carriers, monitors, and switches for data centers; ablation devices, surgical clips, and filters for the medical industry, and feedthroughs, perforation gun components, and boiler components for energy and industrial applications.
Founded in 1954 in Anaheim, CA (and formerly known as Southern Plastic Mold), UPG’s heritage was built serving the computer equipment industry producing specialized composite parts. After nearly 70 years of organic growth with an ever-expanding set of incremental capabilities, UPG now serves blue-chip customers such as IBM, Hewlett Packard Enterprises, Honeywell, Medtronic, and Bosch.
The leadership team that built UPG over the past six years of ownership under Turnspire Capital Partners will remain with the company. In fact, TPC is working with UPG’s leadership team to expand the company’s operations and capabilities, continuing to execute on their successful and proven formula. Maurice Murphy, who served as UPG’s CEO for the past six years, commented “TPC is the perfect partner and next owner of UPG. We share a common business culture and vision of the future that will allow UPG to accelerate our growth. I am delighted to be partnering with TPC in our next chapter.”
TPC is a leading manufacturer of high-precision, complex components and assemblies across a diverse range of both materials and capabilities. Fotofab in Chicago, IL was TPC’s original company, providing a heritage in photochemical machining producing fine-featured parts made from common engineering alloys. TPC has since expanded its photochemical etching capabilities to include all metals and chemistries while adding capabilities such as electroforming, machining, forming, assembly, precision sheet metal fabrication, and numerous secondary operations. TPC’s products are frequently single-sourced and can be found in mission-critical roles in demanding environments, from deep space to deep under the ocean – and everywhere in between.
TPC provides engineered solutions with an emphasis on the defense, medical, aerospace, energy, and technology end-markets. Dan Brumlik, TPC’s Founder and Co-Chairman, remarked “Adding UPG’s team and capabilities under the TPC umbrella was a natural combination. We operate from essentially the same playbook – serving our customers as partners with highly-engineered, value-added solutions that keep us all at the forefront of the industries we serve.” Scott Bekemeyer, TPC’s Founder and Co-Chairman, added, “The alignment between our values and strategies is remarkable. We believe TPC and UPG together are a force multiplier for our customers, employees, and other stakeholders.”
Following the transaction, TPC now operates from 10 facilities in the U.S., 1 in Suzhou, China, and 1 in Wales, U.K. – a footprint to serve customers globally.
Cowen & Co. represented UPG as their investment banker in the transaction, while the law firm of Chapman and Cutler LLP provided legal counsel. PMCF served as TPC’s buy-side advisor and investment bank in the transaction, and Duane Morris represented TPC as lead counsel in the transaction.