Private equity firm Borgman Capital has partnered with Technical Products, Inc., a customer-focused, regional chemical distributor headquartered in Cleveland, Ohio. Tom Perovsek will remain president of TPI, a role he has held since 2001. Terms of the transaction were not disclosed.
Founded in 1955, TPI fulfills an integral role as intermediary between chemical suppliers and manufacturers of a broad variety of products. The solvent, oil and chemical lines carried by TPI have a wide variety of end-use applications such as plastics, rubbers, fabrics, adhesives, lubricants, paints and coatings, and cleaning products. Products distributed by TPI can also be found in electric vehicle batteries, fuel additives to reduce emissions, and agricultural products. The company currently serves customers in a 175-mile radius across Ohio, Pennsylvania, Indiana, and Michigan.
“I've dedicated most of my career to Technical Products, including nearly 25 years as president. It is extremely exciting to be in the position to attract a partner like Borgman Capital,” said Perovsek. “We were looking for a capital partner to help us develop additional capabilities to better serve our customers, whether that be additional products, higher service levels, or expanded geographies. Borgman Capital understood our goals immediately and has a strong track record growing companies of our size, making them the ideal partner for us in our next chapter of growth.”
TPI is Borgman Capital’s seventeenth acquisition since the firm’s founding in 2017.
First Business Bank provided senior financing and Reinhart Boerner van Deuren served as legal counsel for Borgman Capital. Accounting diligence and advisory services for the transaction were performed by Eisner Amper.
