Pittsburgh, Pennsylvania – Tecum Capital Partners (“Tecum”) is pleased to announce its new investment in Gilman Cheese Corporation (“Gilman” or the “Company”). Tecum provided subordinated debt and equity to support Borgman Capital’s (“Borgman”) majority recapitalization of Gilman. Johnson Bank and Midwest Growth Partners (“MGP”) provided senior debt and equity capital, respectively in support of the recapitalization. Terms of the transaction were not disclosed.
Stephen Gurgovits, Jr., Managing Partner of Tecum, stated, “Borgman’s partnership approach, along with Tom and Char Hand’s passion and dedication for the business, and his community, is what got Tecum excited for this opportunity. Gilman offers a highly differentiated product and we look forward to continued success.” Matt Harnett, Partner of Tecum, added, “Gilman has a history of success focused on finding winning solutions for its customers, and we have the right team in place to build upon this legacy as we execute on our collective growth strategy.”
Headquartered in Gilman, Wisconsin (www.gilmancheese.com), Gilman Cheese Corporation is a leading manufacturer of premium processed cheeses. The Company specializes in premium quality, shelf stable processed cheese for the gift pack, retail, and airline industry as well as smoked cheese, both natural and processed. Gilman Cheese employs over 120 individuals and is the largest employer in the village of Gilman. Tom Hand will remain as CEO and reinvested a significant amount of equity into Gilman.
Sequoya Borgman, Founder and Managing Director of Borgman Capital, said, “We have built a strong relationship with the Tecum team and are excited about the partnership. They referred the deal to us and asked us to pursue the opportunity together. We would not have come across the deal without their introduction. Tecum’s proactive and diligent approach brings tremendous value to independent sponsors like Borgman.” Regarding Gilman, Mr. Borgman added, “Tom and Char Hand built a wonderful company and we are honored that they chose us to be the stewards of their business, their employees, and the Gilman community.”
With respect to the sale to Tecum Capital and Borgman Capital, Tom Hand, CEO of Gilman Cheese, commented, “Char and I interviewed many firms. We were impressed by Tecum’s and Borgman’s knowledge and enthusiasm. Char and I felt they were the type of people we wanted to partner with and knew they would be good stewards of our company and employees. We feel the future is bright for Gilman Cheese.”
About Tecum Capital
With over $500 million of assets under management, Tecum Capital is a Pittsburgh, Pennsylvania based investment firm investing private capital in lower middle market companies. Tecum provides mezzanine debt and equity investments across a variety of industries. Our team partners with independent sponsors, family offices, business owners seeking succession plans, and management teams to create shared success. Since 2006, the team has invested in over 80 platform and add-on acquisitions. Tecum is predominantly focused on stable middle market businesses with EBITDA in excess of $2 million. Tecum seeks to invest $5 million to $18 million in potential portfolio companies. For more information, please visit www.tecum.com.
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