CPE News (6/13/2019) – Tricor Pacific Capital Inc. has acquired Rockmount Research and Alloys, Inc. as the inaugural acquisition of its Diversified Investments initiative. Financial terms were not disclosed.
The transaction closed on March 15th, 2019. CIBC provided debt financing. Bryan & Company LLP, Snell and Wilmer LLP, RSM and KPMG acted as transaction advisors.
Moss Adams Capital served as the exclusive financial advisor to Rockmount Research & Alloys, Inc.
Founded in 1972, Vancouver, Washington based Rockmount supplies its own branded range of welding filler materials designed specifically for repair and maintenance applications, along with an assortment of related products including abrasives, threaded inserts and drill bits.
All Rockmount employees will be retained and the current senior management team will continue leading operations. Chuck Foster, founder of Rockmount, will remain as a senior advisor to Rockmount.
Vancouver, BC based Tricor Pacific Capital is one of Canada’s leading single-family offices, actively investing its own capital and operating knowledge in a diverse group of companies.
photo credit: Rockmount Research and Alloys
TRICOR ACQUIRES ROCKMOUNT RESEARCH AND ALLOYS
Rockmount is the inaugural acquisition of the Diversified Investments Initiative
Vancouver, BC – Tricor Pacific Capital Inc. (“Tricor”) is proud to announce that it has acquired Rockmount Research and Alloys, Inc. (“Rockmount”) as the inaugural acquisition of its Diversified Investments initiative. The transaction closed on March 15th, 2019.
Founded in 1972, Rockmount supplies its own branded range of welding filler materials designed specifically for repair and maintenance applications, along with an assortment of related products including abrasives, threaded inserts and drill bits.
Based in Vancouver, WA and sold extensively throughout the US, Rockmount’s mission is to provide customers with the best possible solutions to their metal joining problems, regardless of the composition or condition of the part being repaired. Rockmount has a broad base of customers from industries including aggregates, mining, construction, city maintenance and auto repair among others. Rockmount understands the inherent challenges in maintenance welding, and its broad network of trusted sales professionals are technically trained to deliver significant value to its customers by enabling them to weld with confidence and get back to business.
Rockmount is the first acquisition of Tricor’s Diversified Investments initiative, which was launched in October 2018. The acquisition was led by Mark Townsend and Chuck Cosman, who acquired the business from Chuck Foster Jr. the original founder of the company, along with other members of the Foster Family. Townsend and Cosman will both take active roles in leading Rockmount to continued success, while Mr. Foster will stay on as a board advisor to support Tricor through a smooth transition.
According to Townsend, “Rockmount was the perfect fit from our first meeting with the team. We had an incredibly strong sense of alignment on culture and values, which helped everything else fall into place. Chuck (Foster) was looking for a buyer that would carry on Rockmount’s legacy and ensure a bright future for his employees. We’re grateful he put his trust in us to deliver on those wishes.”
Tricor plans to focus on organic growth of the business with expansion into Canada and additional US territories. Furthermore, Tricor sees opportunities to enhance the brand and leverage technology, and will also be seeking add-on acquisitions in adjacent spaces. “We see Rockmount as a business with great product, great people and a solid business model”, added Cosman. “We feel fortunate to be part of this company, and we’re excited about the future”.
Financing for this transaction was provided by CIBC. Advisors to Tricor were Bryan & Company LLP, Snell and Wilmer LLP, RSM and KPMG.
About Tricor Pacific Capital
Tricor is one of Canada’s leading single-family offices, actively investing its own capital and operating knowledge in a diverse group of companies. Tricor’s intention is to invest, build and hold assets inter-generationally to create a lasting impact on the lives of its partners, its employees, its family and its community.
Tricor is the majority owner of a broad portfolio of companies operating in the food, real estate and industrial sectors. The office combines decades of transaction and operational experience having made control investments in over 80 private companies.
About the Diversified Investments Initiative
The Diversified Investments initiative was launched by Tricor in October 2018 and is led by Principals Mark Townsend and Chuck Cosman. Through this platform, Tricor is actively seeking majority control acquisitions of mid-market companies in light manufacturing and business and consumer services. They are targeting founder succession, management buyout or recapitalization scenarios and targeting businesses in the $2-6 million EBITDA range based in Western Canada and Western US.
For more information on Tricor and the Diversified Investments initiative visit www.tricorpacific.com.