Dailey Capital Management, through its fund Dailey & Partners LP, completed a buyout of Tiro Industries on Dec. 18 for an undisclosed amount.
Headquartered in Fridley, Minn., the company formulates, develops and manufactures, packages and markets personal care goods for the professional salon sector.
Neither side would offer financial details surrounding the deal. Dailey Capital Managing Director Jeff Muti said his firm “focuses on deals of $100 million or less.”
Financing for this buyout included senior debt from Transamerica Business Capital Corporation and mezzanine funding from Ironwood Mezzanine Fund LP and Convergent Capital Partners I LP.
Founder Michael Dailey started the firm in 1998. According to Muti, the Dailey-led firms have a 23-year net IRR of more than 40 percent.
Dailey Capital focuses on leveraged buyouts of lower-middle market level companies, and aims to exit to strategic buyers.