September 28, 2010
Wind Point Launches New Platform Company, Global Tube
Wind Point Partners today announced that is has launched a new platform, Global Tube, with the simultaneous acquisitions of Global Tube Form (“GTF”) and Peoria Tube Forming Corporation (“PTFC”). Wind Point formed Global Tube in partnership with Tom Gosnell, who most recently served as President of ArvinMeritor’s $4 billion Commercial Vehicle Systems Group.
Global Tube’s first two acquisitions, GTF and PTFC, manufacture tubes used in emissions, coolant, heating, air intake, and exhaust handling applications for heavy and medium duty trucks and off-road vehicles.
GTF, which also does business under the names National Tube Form and Southern Tube Form, operates facilities in Fort Wayne, Indiana and Clinton, Tennessee and is a leading contract manufacturer of bent tubes and related products for heavy and medium duty truck and engine manufacturers. GTF has a strong reputation for flexible manufacturing capabilities and on-time delivery.
PTFC operates facilities in Peoria, Illinois and Changzhou, China and is a leading manufacturer of large diameter tubes used in the off-road vehicle market, such as construction and mining equipment. PTFC has a unique, specialized manufacturing process that permits complex manufacturing of very large diameter tubes.
Wind Point partnered with Tom Gosnell to lead the Global Tube platform as CEO. Tom has over 30 years of experience in the commercial vehicle industry, most recently as President of ArvinMeritor’s $4 billion Commercial Vehicle Systems Group, where he was responsible for over 30 global manufacturing and distribution facilities and over 10,000 employees.
Michael Nelson, a managing director at Wind Point Partners, said, “We have been working with Tom for the last three years to identify the right platform opportunity for him. We are excited by the market and acquisition opportunities presented with the Global Tube platform.”
Tom Gosnell commented, “The acquisitions of GTF and PTFC provide Global Tube with a solid foundation. My team and I look forward to working with these companies to capitalize on the impending uptrend in heavy duty truck and off-road vehicle demand and to add new customers. In addition, we are already busy looking for more acquisitions to add to the Global Tube platform.”
The Global Tube platform is the second platform for Wind Point VII, a $915 million fund closed in April 2009. The first platform was Hearthside Food Solutions, which closed in April 2009 and added the acquisitions of Consolidated Biscuit Company and Golden Temple’s Cereal Division in May 2010.
Regions Business Capital provided debt financing for the transaction. Crowe Horwath LLP and Reed Smith LLP acted as the exclusive financial diligence and legal advisors, respectively. Glibota Environmental, Inc. completed environmental due diligence, Hilco Appraisal completed asset appraisals and Lockton Companies will act as the exclusive commercial and employee benefits insurance broker. McGladrey Capital Markets LLC acted as the exclusive financial advisor to PTFC. City Securities Corporation served as advisor to GTF. Burt, Blee, Dixon, Sutton & Bloom, LLP served as legal advisors to GTF.