Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) is pleased to announce a new investment in TPS, LLC (“TPS” or the “Company”). TPS designs and manufactures standard and custom environmental test chambers, industrial ovens, and industrial furnaces. FNBCP’s mezzanine debt investment provides capital to support the expansion of new product offerings and continued re-investment in growth initiatives. FNBCP is a $175 million fund, licensed as a Small Business Investment Company (SBIC) and managed by Tecum Capital Management, Inc.
“We are very excited about entering into a partnership with the TPS team and Resilience Capital,” noted Stephen Gurgovits, Jr., Managing Partner for FNBCP. “TPS is well positioned to become further established as a market leader in custom engineered thermal solutions. FNBCP is exciting about supporting these efforts and the talented teams at Resilience and TPS. We also appreciate the support from First National Bank and their role in helping to put the transaction together.”
TPS operates manufacturing facilities in White Deer, PA and Riverside, MI. Product brands include Tenney, Blue M, Gruenberg, and Lindberg/MPH. These brands are used in a broad range of industries with applications including component testing, quality assurance, curing, and sterilization. The Company was owned as a business unit within SPX Corporation until it was acquired by Resilience Capital Partners in early 2014. Resilience Capital Partners, based in Cleveland, OH, was founded in 2001 and manages over $320 million in private equity investments.