Tri-Tec Industries Announces New Ownership
Main Street Capital Holdings Acquires Quality Products, Advanced Machining & Tri-Tec Industries
CHARLOTTE, NC – October 16, 2019 – Tri-Tec Industries Inc., a leading manufacturer of precision metal and plastic components, with capabilities including multi-axis CNC milling and turning, MIG/TIG welding, dimensional inspection and grinding, announced on Wednesday that it has been acquired by Main Street Capital Holdings, a Pittsburgh-based private equity firm.
“I am thrilled to be partnering with Main Street,” said Rick Loyd, Tri-Tec’s President, an executive who co-founded the firm in 1997. “Main Street has an outstanding track record of providing its portfolio companies with all the necessary resources to be successful, then letting its managers do their jobs. We will remain very focused on serving our customers, providing an excellent working environment for our employees, and continuing as a respected member of our business community.”
Tri-Tec Industries operates from an 18,000 square foot facility in Charlotte, NC at 200 Peachtree Drive. It manufactures low to intermediate volume recurring production parts for blue-chip customers in a range of industries including industrial filtration, 3-D printing, industrial automation and others. Its longstanding and deep customer relationships allow Tri-Tec to serve as a key strategic supplier, filling a much-needed need for legacy product information and knowledge on past research and development efforts.
Rick Loyd, Ray Motley and Mike Davidson founded the company in 1997. ZP Enterprises, LLC, an Atlanta-based firm, acquired the firm in 2016 when Motley and Davidson retired. Earlier this year, ZP Enterprises decided to seek new ownership for three of its portfolio companies, including Quality Products & Machine, LLC of Charlotte and Advanced Machining & Tooling, LLC of Salisbury, NC, as well as Tri-Tec Industries. It quickly reached an agreement with Main Street, who acquired all three firms today.
“We are delighted to become associated with Tri-Tec and its sister CNC machining companies Advanced Machining and Quality Products,” stated Dennis Prado, Managing Partner at Main Street. “Rick has done an masterful job leading Tri-Tec. We look forward to supporting his initiatives to grow the company, sustain outstanding customer service, and serve as a model employer in the Charlotte community.”
Ryan Davis, another Main Street Managing Partner, added, “We are also pleased to announce that Gary Holcomb, an operating partner with Main Street, will become CEO of the newly formed company that will own Tri-Tec, Advanced Machining, and Quality Products. Gary was previously CEO of Coining of America, LLC, a Main Street portfolio company in Saddle Brook, NJ that made precision metal parts used to enclose and package semiconductors. In addition, we are extremely excited to announce that David Crow, Vice President at ZP Enterprises, will be joining us as Vice President and CFO of the new firm which as of today has not been given a name.”
“I am looking forward to working with Dave and Gary,” reiterated Loyd. “My counterparts Keith Felts at Advanced Machining and Kevin Farmer at Quality Products and I know Dave well. We have worked with him successfully for years. We only recently met Gary, but he will fit in well with us. Gary has had jobs like mine before, is an experienced businessman with years of CNC machining experience, and deals well with customers.”
Besides Coining, Main Street has owned other specialty metals manufacturing companies since its founding in 1994 as well as investments in electronic manufacturing services, specialty foods and niche distribution firms. Main Street seeks to acquire companies that are leaders in their respective industries, and then provides the resources necessary to grow these firms for the benefit of investors, employees, customers and the community of which they are a part.