Chicago, IL and Southfield, MI – March 2020 – Riverside Advisors (“Riverside”) is pleased to announce that it served as the exclusive financial advisor to Traverse City Products, Inc. (“TCP”) in its sale to Colfax Creek Capital (“Colfax”).
Based in Traverse City, Michigan, TCP is a premier supplier of custom roll formed and stamped metal products with particular expertise in manufacturing glass hardware components including window sashes, lift plates, sunroof reinforcements and decorative trim. Founded in 1982, TCP has developed its reputation as the go-to resource for complex glass hardware and sunroof solutions with critical product content on nearly 30 platforms across six OEMs.
Based in Birmingham, Michigan, and founded by Jason Duzan, Colfax is a private investment firm that takes a long-term approach to investing in smaller, middle market companies. Colfax invests in consumer product, service and industrial companies. The key to Colfax’s investment success is to combine its investing expertise in collaboration with operating executives to build businesses.
Herman Thomas, President and Founder of TCP, remarked, “For nearly 40 years, we have worked to build a business based on exceptional quality and supported by a great management team. In recent years, we guided the current management team to develop the expertise to position the business for the next owner. We believe Colfax and Jason is the best partner to work with the team and take TCP to the next level.”
Jason Duzan, Partner at Colfax, shared, “The TCP team has built a strong, well-respected business with an excellent reputation. The opportunity to grow TCP over the next several years is highly attractive to Colfax, and we are pleased to partner with the management team.”
Riverside advised the shareholders of TCP through the entire transaction process. Mr. Martin Cotanche, Treasurer/Secretary and Founder of TCP, noted, “Riverside was a critical advisor in orchestrating a process to select a partner that fit culturally and has the vision to grow TCP beyond the core business. Riverside clearly understood the underlying business and positioned the attributes that drive the value of the business. The Riverside team helped us navigate the process and realize a great outcome.”
The transaction closed in March 2020. Riverside served as TCP’s exclusive investment banker. Bowerman, Bowden, Ford, Clulo & Luyt, PC served as the legal advisor to TCP.
ABOUT RIVERSIDE ADVISORS
Riverside Advisors is a middle-market investment bank focused on family and entrepreneur-owned businesses. Led by professionals with more than 25 years of experience, Riverside is committed to meeting the unique needs of middle market companies and their owners. Services include sale advisory, acquisition advisory, readiness review and transaction planning, and capital raising. Riverside is an affiliate of Plante Moran and P&M Corporate Finance (PMCF).
Riverside focuses on lower middle market transactions up to $25 million in value. Transactions in excess of $25 million are executed by PMCF.