Harvest Partners again expanded its metal pipe platform last month when it acquired specialty pipe distributor Radnor Alloys, said Harvey Wertheim, a managing general partner at the New York buyout firm.
The firm also revved up its truck accessories platform with two new deals.
Although the transaction values were not disclosed, Mr. Wertheim said his firm had paid a multiple of less than six times EBITDA for Radnor, which has annual sales of approximately $50 million. Fleet Capital Corp. and IBJ Schroder Bank & Trust Co. provided a senior debt facility for the deal.
Radnor, based in Wayne, Pa., is the third add-on for TPS Holdings, a Harvest platform making consolidations in the steel industry. Harvest formed the platform when it acquired Thomas Pipe & Steel in October 1996 (BUYOUTS Nov. 25, 1996, p. 7). In April 1997, the company acquired Arrow Tubular Corp. TPS Holdings bought Bartow Steel in May 1998. Mr. Wertheim said that with the acquisition of Radnor, the total yearly revenue of TPS Holdings is now approximately $200 million.
Keep On Truckin’
In other recent activity, Harvest bolstered its light truck accessories concern, Lund International Holdings Inc., through two acquisitions. Late last month Harvest acquired Smittybilt, a maker of tubular accessories such as bumpers and steps, for $18 million. In December, Harvest acquired Ventshade Holdings Inc., a maker of window shades, hood shields and other light truck accessories, for $66 million
Mr. Wertheim said Lund, listed on Nasdaq, is now the largest maker of light truck accessories in the world. Harvest has a 62.3% equity share in the company.
Harvest currently is investing its third fund, which closed last February on $362 million. The fund is now 40% invested, and Mr. Wertheim said he expects the fund to be 80% invested by year end. His firm may begin marketing a fourth fund in the second quarter of 2000, Mr. Wertheim said.