Tecum provided subordinated debt and equity in support of the acquisition
Pittsburgh, Pennsylvania – Tecum Capital Partners (“Tecum”) and Akoya Capital Partners, LLC (“Akoya”) are pleased to announce their acquisition of Primetac Corporation (“Primetac”, or the “Company”) in partnership with the founders and management team. Tecum provided subordinated debt and equity in support of the acquisition.
Founded in 1992 by Peter Feniello, Primetac is a leading distributor of industrial packaging materials including acrylic tapes, hot melt adhesives, converted stretch films, strapping tapes, and other related products.
Stephen Gurgovits, Jr., Managing Partner of Tecum, stated, “We are excited to partner with Akoya on another transaction and support the execution of their value creation plan. Under the leadership of the Feniello family, Primetac has established itself as a premier brand within the pressure sensitive tape and stretch film market. We look forward to building on the great reputation and culture they’ve developed.” Mike Williamson, Associate at Tecum, added, “It was a pleasure to work with the Akoya team again. Their collaborative approach and unique expertise exemplify what we look for in an acquisition partner.”
Dave Burger, Managing Director at Akoya Capital, commented, “We are excited to be partnering with the Feniello’s to help them achieve the vision of making Primetac a much larger and stronger national supplier of packaging tapes and related products. They have built Primetac into a profitable, well-respected company that offers high quality products delivered expediently to packaging distributors. We plan to build on this solid foundation with investments to increase sales coverage as well as expand service and product offerings. In addition, we see several acquisition opportunities to accelerate growth and add new capabilities.” Managing Partner of Akoya, Carr Preston, added, “We were delighted to partner with Tecum on this transaction as they have proven to be a value-added investor and strategic partner.”
Peapack-Gladsone Bank provided senior debt financing for the transaction. Primetac was represented by Strategic Exit Advisors, a Philadelphia based investment bank.
About Tecum Capital Partners
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 $3 million. Tecum seeks to invest $5 million to $18 million in potential portfolio companies. For more information, please visit www.tecum.com.
About Akoya Capital Partners
Akoya Capital is a sector-focused independent sponsor that creates and nurtures partnerships between management and capital. With industry leading sector expertise, proprietary platform organizations, experienced management teams, and co-investors, we collaborate on compelling value creation opportunities. Together, we develop and execute industry sector acquisition strategies that deliver significant, measurable value for management, partners, and shareholders. Led by the industry knowledge of our sector leaders, we are highly selective in the sector-based. investments we pursue. This exclusivity allows us to work with the finest companies from each industry. For more information, please visit www.akoyacapital.com.