Mangrove Equity Partners is pleased to announce the closing of our third acquisition in 2015.
The Mangrove team recently completed the acquisition of Reliable Construction Heaters, Inc. as a meaningful add-on acquisition in support of our portfolio company; Tioga Air Heaters.
The Reliable acquisition doubles the business and adds significant diversity to the industries, customers and geographies served by Tioga.
Reliable is a strong strategic fit for Tioga as the acquisition also provided:
- An additional go-to-market strategy given Reliable’s branch network
- The opportunity to leverage Tioga’s manufacturing capabilities and capacity to build Reliable’s fleet needs while capturing margin
- Increased Tioga’s geographic footprint through the Midwest and North East
- Evidence of Tioga’s focus and capabilities as an acquirer of strategically suitable companies in the sector, as Tioga continues to pursue growth through add-on acquisitions
Mangrove Equity Partners: More Than the Commodity of Cash. The Mangrove team works hard to be your go-to private equity fund in the lower middle market by leveraging our extensive experience (130 deals across 57 industries) to find ways to get deals done. Mangrove’s three-man internal operating team affords us an ability to leverage their extensive experience working closely with our portfolio company partners to overcome hurdles to growth, and optimizing shareholder value, as evidenced by our work with Tioga. Complexities/value building opportunities at Tioga where Mangrove’s operating assistance has been instrumental include:
- The analytics and investment behind a significant build-up of equipment inventory for which there is seasonal demand
- The creation and execution of a strategic plan regarding add-ons
- Bringing considerable consolidation experience to the integration of add-ons into the Tioga platform
The Mangrove team has exemplified an attitude and practice of partnership with our deal sources over the past 25 years.
We roll up our sleeves and work with intermediaries to do what is necessary to move good deals forward, even in the face of company or deal complexity.
If an opportunity is not a fit for Mangrove’s criteria, we endeavor to provide accurate and helpful suggestions as to who may have a pointed interest.
Our goal is to help our deal sources get their deals done and accordingly, become their go-to fund in the lower middle market.
We hope to have the pleasure of working closely with you.