PRV Metals, LLC, Platte River Equity’ specialty metals platform, makes its second acquisition.
PRV Metals, LLC (“PRV Metals”), a recently-formed portfolio company of Platte River Equity, announced today that it had acquired 100% of the outstanding stock of TechSpec, Inc. (“TSI”). Located in Derry, Pennsylvania, TSI provides specialty rolled and forged titanium products to the commercial aerospace, defense, medical, energy and industrial sectors. TSI’s capabilities include hot rolling, forging, conditioning, heat treating and machining of titanium into round bar. TSI’s highly-integrated approach enables it to perform nearly all required processes in its own manufacturing facility. TSI is the second acquisition by PRV Metals, following its acquisition of Sierra Alloys Company (“Sierra Alloys”) on November 8, 2011.
“We are pleased to add TSI to our specialty metals platform,” said Platte River Equity Managing Director Greg Sissel. “TSI has an exceptional reputation for both quality and customer service that has resulted in long-term relationships with leading titanium producers and customers. The combination of TSI and Sierra Alloys further enhances PRV Metals’ position as a critical player in the titanium and specialty metals industry. We look forward to deepening the collective PRV Metals customer relationships and to sharing operational expertise between the companies, thereby enhancing the capabilities PRV Metals will be able to provide to its customers.”
Senior debt financing for the transaction was provided by Fifth Third Bank. Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River Equity and PRV Metals.
About TechSpec, Inc.
Located in Derry, Pennsylvania, TSI produces rolled and forged titanium products with its extensive capabilities in hot rolling, forging, conditioning, heat treating and machining. For more than 30 years, TSI has provided high quality titanium products to commercial aerospace, defense, medical, energy and other industrial users of titanium. For more information visit www.tsititanium.com.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on investing in lower middle market operating companies with enterprise values generally between $10 million and $250 million. The firm focuses on investing in the aerospace, industrial services, energy services, agriculture, chemicals, metals, industrial minerals and transportation industries. Platte River Equity currently manages funds with committed capital in excess of $300 million.