Wind Point Launches Tube Platform
Global Tube already has two companies in its fold and will provide a variety of emissions and temperature control pipes for vehicles.
October 1, 2010
Wind Point Partners, the Chicago-based private equity firm, launched its Global Tube platform having successfully completed deals to buy a predecessor company, for which the entity is named, and Peoria Tube Forming Corp. Terms of the deals were not disclosed.
Both manufacture tubes used for temperature control and emissions control in heavy-duty trucks and off-road vehicles. The companies have operations in China, Illinois, Tennessee and Indiana.
Tom Gosnell, former president of ArvinMeritor’s commercial vehicle systems segment, has been tapped by the private equity firm to lead the platform as CEO.
Michael Nelson, a managing director with Wind Point, worked on the transaction for the private equity firm.
The formation of Global Tube marks second platform launch for Wind Point VII, a $915 million fund closed in April 2009. The first platform was Hearthside Food Solutions, launched in April 2009. Hearthside has since added the acquisitions of Consolidated Biscuit Company and Golden Temple’s Cereal Division, in May 2010.
Regions Business Capital provided debt financing for the deal. Crowe Horwath and Reed Smith acted as the exclusive financial diligence and legal advisors, respectively. Glibota Environmental completed environmental due diligence, Hilco Appraisal completed asset appraisals and McGladrey Capital Markets acted as the exclusive financial advisor to the Peoria entity. City Securities Corporation served as advisor to Global Tube in its sale to Wind Point. Burt, Blee, Dixon, Sutton & Bloom served as legal advisors to Global Tube.
For more information on related topics, visit the following:
