Primat Group Invests in HCI Portfolio Company Curtis Metal Finishing Company

STERLING HEIGHTS, MI, May 23, 2023—HCI Equity Partners, a leading lower middle-market private equity firm, today announced Primat Group (“Primat”) has made a controlling investment in its portfolio company Curtis Metal Finishing Company (“Curtis” or the “Company”).  Curtis, based in Sterling Heights, Michigan, is a provider of engineered protective coating, pre-treatment, heat treatment and technical intermediation services for metal fasteners, with customers in the automotive, construction, military, appliance, aerospace, and other sectors. Financial terms were not disclosed.

Primat, based in Milan, Italy, is an applicator of coatings for fasteners, primarily for the automotive industry. Primat will leverage its proprietary line-automating technology at Curtis to become a high-quality, low-cost supplier to automotive customers. Primat’s investment in Curtis provides them with a North American footprint that establishes the combined company as a global provider of fastener coating services for the automotive industry.

Primat and HCI Equity Partners will continue as shareholders in Curtis, and Jeff Wilson will continue at Curtis in his current role as CEO.

Dan Dickinson, HCI’s Managing Partner commented, “Primat’s investment in Curtis creates the most technologically advanced fastener coaters supplier in the automotive industry. Combining Primat’s best practices with Curtis’ location in the heart of the US automotive hub will result in delivering the highest standards of quality for its customers.”

 

About Curtis Metal Finishing Company
Curtis Metal Finishing Company applies engineered coatings on fasteners and small metal components at our two plants in Sterling Heights, Michigan and Machesney Park, Illinois. Utilizing our industry-leading coating technologies and advanced world-class processing capabilities, Curtis is recognized as an industry leader and a dominant provider for the application of engineered coatings for the fastener industry. For more information, please visit https://curtismetal.com/.

WASHINGTON, DC, March 28, 2023 – HCI Equity Partners (“HCI”) announced today that Bob Currier has joined the HCI Executive Partner group to advise on human capital management, including talent acquisition, organizational design, leadership development and succession throughout the entire HCI portfolio. HCI is a lower middle market private equity firm that partners with family and founder-owned manufacturing, service and distribution companies.

Mr. Currier is currently consulting with the human resources division at HCI portfolio company Tech24, where he has supported the rapid growth of the company by leading the diligence and integration of 15 add-on acquisitions. Prior to joining Tech24, he concurrently served as Senior Vice President, Human Resources for the Building Services and Industrial Services segments at EMCOR. Previously, he spent over 30 years at Carrier Corporation, then a division of United Technologies, where he held multiple HR positions for the company’s North America businesses including VPHR for the overall North America HVAC business. Mr. Currier has a BS in industrial and labor relations from Cornell University and participated in senior leadership development programs conducted by EMCOR at Babson College and the Thayer Institute at West Point as well as United Technologies’ programs at UVa’s Darden school of Business.

HCI Managing Partner Doug McCormick said, “We are excited to add Bob to the HCI Executive Partner roster after experiencing his great leadership and passion for human capital at Tech24. Building world class teams to drive organizational transformation is central to HCI’s investment strategy and Bob’s extensive knowledge in this area will make a significant impact throughout the rest of our portfolio.”

HCI’s Managing Partner and Chief Investment Officer, Doug McCormick, recently joined Patrick Stroth on his podcast M&A Masters. Listen in to hear Doug and Patrick discuss why human capital is a gamechanger, why building a team is an art and not a science and how business owners can build their legacies. Doug also gives an inside look at HCI and breaks down our strategy to transform portfolio companies.

HCI Co-Founder, Managing Partner and Chief Investment Officer, Doug McCormick, recently joined Justin Fortier on Seraph Consulting’s new podcast, Manufacturing Excellence. Listen in to hear Doug discuss the crucial role HCI’s Operations Team plays in our value creation strategy, as well as our partnership-centered approach for transforming companies into industry leaders. Doug and Justin also discuss how owners considering selling their business should vet their potential private equity partner and how Doug’s military background impacts his leadership style.

EXTON, PA, February 27, 2023 – AmerCareRoyal (“ACR”), a leading supplier of disposable foodservice supplies, gloves and take-out packaging backed by HCI Equity Partners (“HCI”), announced today the acquisition of Team Three Group (“Team Three”). Team Three is ACR’s eighth add-on acquisition since HCI’s initial investment. HCI is a lower middle market private equity firm that focuses on partnering with founder-owned distribution, manufacturing and B2B service companies. Financial terms were not disclosed.

Team Three is a provider of disposables for the foodservice and janitorial industries, with key product categories including towels, napkins and tissues, gloves, cutlery, takeout packaging and cups. St. Louis, Missouri-based Team Three offers advanced sourcing and shipping options, which combined with ACR’s national footprint of direct container service, creates a unique fulfilment model for customers. The acquisition also adds new complementary product categories, geographic expansion through new distribution centers in the Midwest and California and provides cross-selling and purchasing synergies. Bob Hubbard, who founded Team Three with his business partner Roy Van in 2011, is a well-respected industry veteran that has joined the ACR executive team as part of the transaction.

“We are thrilled that Team Three has joined ACR and have been impressed by Bob Hubbard’s stellar reputation in our industry,” said Scott Milberg, CEO of AmerCareRoyal. “His expertise will enable us to effectively expand into new markets and offer additional capabilities to our customers.  We look forward to working alongside Bob and the entire Team Three team as part of the broader ACR organization.”

“ACR is a great example of HCI’s investment strategy of how we aggressively grow companies organically and through M&A,” said Doug McCormick, Managing Partner at HCI. “With the acquisition of Team Three, ACR’s sales revenue now exceeds the billion-dollar mark, and positions them as a leader in their market while also enabling expanded services, greater efficiencies, and a better value proposition for customers. We’re proud of Scott and the ACR team for achieving this impressive milestone.”

Greenberg Traurig served as legal counsel to ACR. R.L. Hulett acted as the financial advisor to Team Three and Lewis Rice served as legal counsel.

 

About AmerCareRoyal

AmerCareRoyal is a single stream resource for over 6,000 disposable products used in the foodservice, janitorial, sanitation, industrial, hospitality and medical industries. With multiple shipping points across North America our family of companies service national level customers with outstanding customer service and an ever-growing product line. For more information, please visit www.amercareroyal.com.

Tech24 Completes Fifteenth Add-on Acquisition

GREENVILLE, S.C., February 21, 2023—Tech24, backed by HCI Equity Partners, today announced that it acquired Commercial Kitchen Repairs, Inc. (“CKR” or the “Company”) on February 16, 2023. Tech24 is a national provider of repair and maintenance services for foodservice and commercial HVAC equipment. CKR is Tech24’s fifteenth add-on acquisition in the highly fragmented foodservice repair and maintenance market. Financial terms were not disclosed.

Based in Quakertown, Pennsylvania, CKR is a provider of repair services, preventative maintenance and installation for commercial cooking equipment in restaurants, schools, hospitals and grocery stores in the greater Philadelphia and Lehigh Valley area as well as Southwest New Jersey. This acquisition grows Tech24’s technician workforce and customer base in a key northeastern market.

Tech24’s CEO Dan Rodstrom, said, “We are very pleased to add CKR to the rapidly growing Tech24 family. The Company brings valuable scale and hot-side service exposure to the important Philadelphia market. We look forward to working alongside Dwight Boris and the entire CKR team as part of Tech24.”

Dwight Boris, President of CKR, added, “I am excited that our Company has joined Tech24 and look forward to expanding how we deliver quality service to our customers and the resources that Tech24 brings to our team.”

“HCI is excited to announce Tech24’s first acquisition of 2023 and fifteenth overall,” said Doug McCormick, Managing Partner at HCI. “CKR helps make Tech24 a stronger competitor to service Pennsylvania’s retailers and in return Tech24 will help CKR expand and thrive in today’s markets.”

Quarles and Brady served as legal counsel to Tech24.

WASHINGTON, DC, February 15, 2023 – HCI Equity Partners, a lower middle market private equity firm, announced today it has been named to Bluwave’s 2023 Top Private Equity Innovators List. HCI is focused on partnering with family and founder-owned distribution, manufacturing and service companies, and is headquartered in Washington, DC.

BluWave is the business builders’ network for private equity-grade due diligence and value creation needs, partnering with more than 500 leading private equity firms for a one-of-a-kind perspective that enables it to uniquely understand best practices and innovation in private equity. Recipients of the BluWave 2023 Top Private Equity Innovator Awards represent the top 2% in the private equity industry for due diligence, value creation, ESG and PE firm operations*, and were selected based upon a rigorous assessment in consultation with leading limited partners, investment bankers, service providers and other thought leaders in the private equity ecosystem.

“The Top Private Equity Innovators have demonstrated their ability to stay ahead of changing environments, engage in transformative due diligence and value creation and embrace the strategic value of ESG,” says Sean Mooney, Founder and CEO, BluWave. “They are leaders in creating economic opportunities and building businesses that provide jobs, and we commend them on their innovation and success.”

“We are honored to be selected as a Top Private Equity Innovator by Bluwave, especially since the award recognizes leaders in value creation and operational engagement, which are key aspects of our playbook,” said Doug McCormick, Managing Partner at HCI. “As a former private equity partner with a robust team and network at BluWave, Sean has a unique understanding of what factors are driving the industry, which makes his recognition of HCI carry significant weight. We’re honored to be in the company of other private equity leaders driving transformative growth in our industry.”

For complete information on the BluWave 2023 Private Equity Innovator Awards and the recipients, please visit https://www.bluwave.net/awards/.

 

About BluWave

BluWave is the business builders’ network for private equity grade service provider needs. The company’s platform combines concierge-like consultative support with technology, data, and AI to expertly connect businesses with proven providers across due diligence, value creation, and prep for sale. The BluWave Vetted™ network is an invite-only ecosystem of top tier individuals and service providing groups. Based in Nashville, Tennessee, BluWave ranks as one of America’s fastest growing companies and today serves more than 500 leading private equity firms and thousands of proactive businesses. Visit BluWave.net to learn more.

 

*BluWave, LP has not received investment capital from and holds no ownership interest in the PE firms evaluated or recognized under the Top Private Equity Innovator awards program. BluWave received no compensation from any of the PE firms in connection with this awards program. However, BluWave may otherwise provide services to the PE firms and/or portfolio companies, but BluWave confirms that its assessment of the PE firms was independent of any such service arrangements. Top 2% in the PE industry is based on BluWave’s review of the more than 5,000 PE firms in the U.S. and Canada from which the PE firms were selected as award recipients.

*Disclaimer: BluWave’s Top Private Equity Innovator awards is a program designed by BluWave, LP. HCI did not apply or pay a fee to be considered for this award. Winning firms are selected independently by BluWave based on firm’s ESG policies, value creation strategies, firm operations and due diligence practices. This award is not to be construed as indicative of HCI’s future performance. This award represents information as of February 2023 and may not reflect important information related to an evaluation of the investment adviser which has occurred prior to, or subsequent to, the award.

 

 

WASHINGTON, DC, February 1, 2023—HCI Equity Partners, a lower middle market private equity firm, announced today it has been named one of Grady Campbell’s 2023 TOP 50 Private Equity Firms in the Middle Market. HCI is focused on partnering with family and founder-owned distribution, manufacturing and service companies, and is headquartered in Washington, DC.

Founded in 2016, the TOP 50 PE Firms in the Middle Market is the original awards program designed specifically to acknowledge and promote leading small and mid-sized private equity firms in the middle market. The list recognizes firms that demonstrate excellent leadership, a strong track record and a trusted reputation with business owners.

HCI Managing Partner, Doug McCormick, said, “We are pleased to receive this award for the third consecutive year! It’s a testament to the partnerships we establish with our portfolio company owners and the talented, cohesive team we’ve built at HCI. We are proud to be in such great company and salute the rest of the firms included in the TOP 50.”

*Disclaimer: Grady Campbell’s Top 50 PE Firms in the Middle Market award is a program designed by Grady Campbell. Small to mid-sized private equity firms are eligible to apply. Winning firms are selected based upon their volume of investment activity, firm policies and references from intermediaries, founders and advisors. HCI is not aware of the number of advisers surveyed for the award. HCI did not pay a fee to be considered for this award. This award is not to be construed as indicative of HCI’s future performance. This award represents information as of December 2022 and may not reflect important information related to an evaluation of the investment adviser which has occurred prior to, or subsequent to, the award.

WASHINGTON, DC, January 10, 2023 – HCI Equity Partners (“HCI”), a lower middle market private equity firm that focuses on partnering with founder-owned distribution, manufacturing and B2B service companies, announced today the promotions of Nate Novak to Principal; Ben Choi, Josh DiBiasi and Sam Hoehn to Vice President; Michael Allen to Senior Associate; and Emma Pollock to Senior Portfolio Operations Analyst.

Nate Novak, Principal, joined HCI in 2014 and has played a central role in evaluating and executing HCI’s investment mandate. He has extensive experience in the building products and technical services markets, and currently provides deal leadership for HCI’s Tech24 platform, which has closed 14 add-on acquisitions to date. Novak also supports the firm’s WF Cabinetry and Regent Cabinetry deal teams.

Ben Choi, Vice President, joined HCI in 2022 and brings extensive experience from Sentinel Capital Partners, Houlihan Lokey and BB&T Capital Markets, as well as HCI portfolio company MSI Express. Choi is responsible for evaluating, executing and monitoring investments made by the firm and works with HCI portfolio companies MSI Express, SDS Rx and AmerCareRoyal.

Josh Dibiasi, Vice President, joined HCI in 2020 from Gladstone Capital Corporation where he was involved in underwriting and managing investments in a variety of industries. Dibiasi is responsible for evaluating, executing and monitoring current and prospective investments and is an active deal team member for WF Cabinetry and Regent Cabinetry. Josh played an important role in the exit of Summit Interconnect, which grew to be national leader in printed circuit boards for the aerospace and defense industry.

Sam Hoehn, Vice President, joined HCI in 2018 with prior experience at Northlane Capital Partners, Houlihan Lokey and BB&T Capital Markets. He has significant expertise in executing transactions in the aerospace and defense markets, helps lead HCI portfolio company Pacific Defense and is an active deal team member for MSI Express and TSM Corporation.

Michael Allen, Senior Associate, joined HCI in 2021. Prior to joining the firm, he was an Associate at Adams Street Partners in the Private Credit Group, executing debt and equity investments in middle-market companies across industries, and began his career as an Analyst at J.P. Morgan. Michael works with AmerCareRoyal and other HCI portfolio companies and is a significant contributor to the firm’s business development and deal origination activities.

Emma Pollock, Senior Portfolio Operations Analyst, joined the HCI Operations team in 2022 after working at IBM as a deputy lead within the Federal Automation Innovation Unit. Emma works across the portfolio to assist in executing HCI’s value creation activities, with a primary focus on technology, artificial intelligence, data analytics and automation.

“These promotions recognize the significant talent and contributions of six highly capable individuals at HCI,” said Doug McCormick, HCI Managing Partner. “We believe HCI’s success is a direct product of our ability to build cohesive teams and empower them to be successful. We’re confident these team members will continue to grow in their new and expanded roles.”

Dan Dickinson, HCI Managing Partner, added, “The commitment of these talented individuals has been essential to achieving HCI’s goals. Their investment and operating experience paired with strong work ethic and trustworthiness has helped the firm continue to be a successful value-add partner to our portfolio companies. We greatly appreciate their work and congratulate each of them on these well-deserved promotions.”

 

DECEMBER 5, 2022– We are proud to announce that Sutton Place Strategies has named HCI a top quartile deal originator for the lower middle market! This part of the market includes deals with a $10-249 million enterprise value range. SPS released their 2022 PE Deal Origination Benchmark Report last week which is the industry standard for private equity deal sourcing analytics. The report provides an objective analysis of HCI’s sourcing performance in the context of its peers. We have sourced over 2,000 deals in the last year alone thanks to the great work Tim Frend and Michael Allen do leading our business development efforts. Learn more about what fits our investment strategy here or reach out to Tim Frend at tfrend@hciequity.com.

SPS Bain & Company (now called Sutton Place Strategies (SPS) by With Intelligence as of 2025) recognized Oridian as a top quartile deal originator in the lower middle market for deals sourced through LTM June of each year above. The award is typically issued in September of each respective year. Oridian did not pay a fee or apply to be recognized as a top quartile deal originator for the lower middle market. For more detail on this award, contact Tim Frend at tfrend@oridiancapital.com.