PHI Industrial Announces Sale of Insulation Technology Group (ITG) to TJC
July 02 2024 - 9:00AM
Business Wire
PHI Industrial (“PHI”), a fund specializing in the management
of industrial companies, has closed the sale of its portfolio
company Insulation Technology Group (“ITG”), a manufacturer of
porcelain insulators for the global utility industry, to TJC, LP
(“TJC”), formerly known as The Jordan Company.
ITG, a company created under the ownership of PHI with a
longstanding operating history under the LAPP and PPC brands, has
become the leading manufacturer of porcelain insulators for the
global utility market. ITG has more than 1,200 employees, as well
as production facilities in the U.S., Europe and Brazil. The
Company’s products focus on high voltage applications within the
power grid and are used in substations, transmission lines, power
plants and in the railway electrification network. ITG’s
addressable market is supported by compelling, long-term industry
tailwinds such as the aging electrical infrastructure, grid
hardening initiatives, increased electrification and power
consumption and the ongoing transition to renewable energy
sources.
"As owners of ITG, PHI has driven a significant transformation
in both PPC and LAPP, consolidating its best practices across its
different geographies, improving its factory network and
strengthening its management team. We are delighted to have found a
suitable shareholder for the future expansion of the business,
which will benefit from continued efforts to electrify the world
with sustainable solutions such as porcelain insulators," said
Alexander Wit, managing partner of PHI.
“The acceleration of our combined capabilities and the
additional support and leadership we will get from our partnership
with TJC will drive our growth and prosperity through another
century,” said ITG CEO Toni Franco. “We have an opportunity to
address challenges in our electrical infrastructure and the
pressures we face from rising power needs. Our products'
extraordinary performance and reliability worldwide make us a
credible partner for the power industry.”
“Working to better support the global infrastructure network we
depend on and partnering with a sustainability-minded business like
ITG are increasingly core parts of our mission as we seek to work
with the companies, management teams and founders of those looking
to build next-generation businesses,” said Barry Gallup, Jr.,
Partner of TJC. “ITG has deep, longstanding partnerships with
end-user utility customers who value its commitment to quality and
reliability, and we are committed to supporting the team in
expanding these relationships and accelerating growth,” added Jim
Sikorski, Principal of TJC.
Harris Williams served as financial advisor and Tribeca Abogados
served as legal advisor to PHI and ITG.
Information about ITG: ITG is a
leading provider of electrical insulation solutions for the global
utility market. The Company is a manufacturer of high and
ultra-high voltage porcelain insulators for mission-critical
applications within electrical substations, overhead transmissions
and distribution infrastructure. Insulators isolate and support key
components of the electrical grid to prevent the unintended flow of
electricity to grounded elements, ensuring the safety, reliability
and efficiency of the global power infrastructure. ITG was formed
in 2021 through the combination of two market-leading brands (LAPP
Insulators and PPC Insulators) which have longstanding operating
histories extending over 100 years. ITG is a global business with
approximately over 1,200 employees across manufacturing facilities
in the U.S., Europe and Brazil. For more information, please visit
www.insulationtg.com.
Information about PHI Industrial:
PHI is a fund specializing in the acquisition and active management
of industrial companies, with a focus on family-owned businesses
and multinational spin-offs. PHI invests in companies where it sees
the potential to increase their value by improving their
operations. Based in Spain, Italy, and the UK, PHI Industrial is
interested in acquiring majority positions in mid-sized European
companies. For more information, please visit
www.phi-industrial.com.
Information about TJC: TJC LP,
formerly known as The Jordan Company, has worked for more than 40
years with CEOs, founders and entrepreneurs across a range of
industries including Consumer & Healthcare, Diversified
Industrials, Industrial Technology, Logistics & Supply Chain
and Technology & Infrastructure. With $29.7 billion of assets
under management as of March 31, 2024, TJC is managed by a senior
leadership team that has invested together for over 22 years on
over 80 investments. TJC has offices in New York, Chicago, Miami
and Stamford. For more information, please visit
www.tjclp.com.
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Jonathan Marino Prosek Partners jmarino@prosek.com