Acquisition of Tru-Flex Metal Hose Corp.
July 2010 – Kansas City, MO – TGP Investments, LLC (“TGP”), the manager of private equity investment fund TGP Capital Partners, LLC (the “Fund”), is pleased to announce that the Fund has acquired Tru-Flex Metal Hose Corp. (“Tru-Flex”), a manufacturer and marketer of flexible metal hose products.
Tru-Flex is a manufacturer and marketer of flexible metal hose products used for three primary markets:
- Patented components for on-road and off road EPA compliant exhaust systems
- Tubing and related products for natural gas transmission within residential housing (primarily a corrugated stainless steel tubing product line sold under the brand name “ProFlex”)
- Metal hose for general industrial applications.
Tru-Flex has over 36 patented products which represent the majority of sales for the company. Tru-Flex had been owned by the Herzog family and certain employees of Herzog Contracting Corporation of St. Joseph, Missouri since 1989. Tru-Flex is located in West Lebanon, Indiana, which is 85 miles West of Indianapolis, Indiana. For more background on the company and its product lines, please visit the company’s website.
The President of Tru-Flex is Win Thomas, who has held that position since 1989. Win has been instrumental in developing many of the company’s 36 patents and positioning Tru-Flex where it is today. In addition to Win, TGP has added to the management team by hiring a new CEO, Gregg Notestine. Gregg has extensive experience in the manufacturing and sales of emissions systems for light vehicles and heavy duty semi-trucks. His most recent position was with France-based Faurecia, a $12 billion worldwide supplier of seats, interiors, bumpers and exhaust systems for light vehicles and heavy duty semi-trucks. Gregg was the Vice President, Global Commercial Vehicles Emissions Customer Business Unit, where he was responsible for over $200 million in sales. This unit is located in Columbus, Indiana and focuses on selling emission systems for heavy duty semi-trucks.
Shane Parr, TGP Managing Director, stated “Tru-Flex has a history of creating products to help solve their customer’s problems and improve their emission systems and product offerings. The proprietary technology that Tru-Flex has created has led to significant growth potential with both its exhaust component business as well as with its Pro-Flex product line. We are excited to work with Gregg and Win to help Tru-Flex continue to grow and maximize the opportunities that lie ahead”.
Win Thomas stated, “We are excited to work with TGP and Gregg Notestine. We spoke to numerous other potential acquirers but thought that TGP was the right fit for our management team. Their historical experience in manufacturing and willingness to devote resources to bring in talent and provide needed capital for growth make them a great partner.”