Thermoforming machinery maker sold to private equity firm

US-based Thermoforming Technologies Group (TTG), a private equity consortium of three companies, has been sold to Tenex Capital Management by its owner Spell Capital. Tenex is a private equity fund that invests in middle-market companies. Terms were not disclosed.

TTG was formed in July 2014 through the combination of thermoforming equipment manufacturers Brown Machine and Lyle Industries. Approximately 80% of TTG’s 10,000 to 15,000 unit installed base are used to produce disposable food packaging vessels (i.e., cups, lids, bowls, plates, etc.). TTG operates out of a single, vertically integrated manufacturing facility in Michigan. TTG also owns Epco, a remanufacturer and repair service for injection moulding and die casting equipment.

“We are very excited to team with Tenex and look forward to continuing our high level of service and responsiveness with our customers,” said Bryan Redman, CEO of TTG. “In addition, as a result of this transaction, we become even better positioned to bring our market leading technology and service to the next level,” continued Redman.

Michael Green, CEO of Tenex Capital Management commented, “We believe TTG is a high quality business, with a strong leadership and solid end markets. We look forward to working with Bryan and his experienced team and to growing the company to the next level.”