Fifth Third Provides Financing for PRV Metals Acquisition
PRV Metals, LLC, a recently formed portfolio company of Platte River Ventures, announced that it had acquired 100% of the outstanding stock of TechSpec, Inc. (TSI). Fifth Third Bank provided the senior debt financing for the transaction.
Located in Derry, PA, TSI provides specialty rolled and forged titanium products to the commercial aerospace, defense, medical, energy and industrial sectors. TSI’s capabilities include hot rolling, forging, conditioning, heat treating and machining of titanium into round bar. TSI’s highly integrated approach enables it to perform nearly all required processes in its own manufacturing facility. TSI is the second acquisition by PRV Metals, following its acquisition of Sierra Alloys Company on November 8, 2011.
“We are pleased to add TSI to our specialty metals platform,” said Platte River Ventures managing director Greg Sissel. “TSI has an exceptional reputation for both quality and customer service that has resulted in long-term relationships with leading titanium producers and customers. The combination of TSI and Sierra Alloys further enhances PRV Metals’ position as a critical player in the titanium and specialty metals industry. We look forward to deepening the collective PRV Metals customer relationships and to sharing operational expertise between the companies, thereby enhancing the capabilities PRV Metals will be able to provide to its customers.”
Bartlit Beck Herman Palenchar & Scott served as legal counsel to Platte River Ventures and PRV Metals.
Through its unique processes and specialized manufacturing capabilities, PRV Metals is a producer of forged and rolled titanium, stainless steels and other specialty alloys to the commercial aerospace, defense, medical, energy and industrial sectors.
Based in Denver, Platte River Ventures is a private equity firm focused on investing in lower middle-market operating companies with enterprise values generally between $10 million and $250 million.