Owings Mills, MD – Platte River Equity (“Platte River”), a Denver-based private equity firm that makes control investments in niche industrial companies, including value-added distribution businesses, is pleased to announce that its portfolio company TIPCO Technologies (“TIPCO”) has acquired Charter Industrial Supply (“Charter” or the “Company”). Established in 2000 with operations in San Diego, CA and Orange, CA, Charter is a distributor of hydraulic and industrial hose and fittings. The partnership between TIPCO and Charter will bring together 34 locations across 16 states. Charter’s market share in Southern California further strengthens TIPCO’s position in the hydraulic and industrial hose solutions market.
Dan Scordato, President of Charter, expressed his enthusiasm about the partnership, stating, "We are thrilled to join the TIPCO family, which aligns perfectly with our core values of reliability, service quality and commitment to customer satisfaction. TIPCO's innovative approach, deep industry expertise and dedication to excellence attracted us to this opportunity. We are excited to enhance our capabilities and deliver even greater value to our customers as a combined company."
Rob Lyons, Co-CEO of TIPCO, added, "TIPCO Technologies is thrilled to welcome Charter to our team of people and partnerships. Dan, Dave and the rest of the Scordato family hold unique positions in America's infrastructure industry, and we look forward to fueling their entrepreneurial spirit."
"The partnership with Charter strengthens TIPCO’s market presence and expands its service capabilities, creating significant opportunities across the combined customer base," added Mike Reilly, Principal of Platte River. "Charter’s reputation and strategic approach align perfectly with TIPCO’s long-term vision, making this combination an ideal catalyst for continued growth."
