SSG Advises Watermill Acquisition of Tenere
SSG Capital Advisors announced it acted as the exclusive investment banker to Watermill Group in the placement of a financing package to fund its acquisition of Tenere. The transaction closed in December 2012.
SSG worked closely with Watermill to negotiate a transaction structure that included a senior working capital revolver as well as a senior term loan. The total financing package was $32 million.
Watermill is a private equity firm based in Boston, MA that has closed over 60 transactions in its 34-year history. Watermill executed a letter of intent to acquire Tenere and, shortly thereafter, retained SSG to help deliver creative financing alternatives in light of the fact that Tenere required significant capital to fund growth in addition to the capital necessary to consummate the acquisition.
Tenere is a full-service designer and fabricator of complex metal and plastic parts and assemblies. Its highly engineered machined and electromechanical components are critical to its customer base that includes companies in the cloud computing and network communications sectors as well as in the aerospace, medical and industrial segments.
In order to support growth in Tenere’s cloud computing and network communications business, Watermill intends to invest in more manufacturing capacity.
SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions.