The Fund, along with all the existing senior management, acquired a majority interest in Tru-Flex in 2010. Tru-Flex had significant growth opportunities as a new emissions system technology led to more part applications for their technology. The company wanted a partner that could help them take advantage of those opportunities and optimize sales and profitability.
The principals of TGP hired Gregg Notestine as the CEO, a tenured executive with significant experience in the emissions industry. In addition to Gregg, a CFO position was added, along with a formal Vice President of Sales. The principals of TGP did not replace any existing team members but augmented roles to ensure best practices could be implemented in each functional area of management.
During our ownership, Tru-Flex implemented an operating ERP system, developed a standard cost system and executed on numerous LEAN initiatives. In addition, Tru-Flex invested heavily in capital spending to automate many plant functions, significantly increasing plant efficiency, capacity and profitability. During the Fund’s ownership revenue more than doubled and profitability increased substantially.
For more background on the company and its product lines, please visit the company’s website at www.tru-flex.com.