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Monomoy Capital Partners has signed a definitive agreement to acquire Trinity Highway Products (THP) from Trinity Industries, Inc. (NYSE:TRN) for approximately $375 million. This acquisition is expected to enhance the operational capacity of THP, a manufacturer of highway safety products, including crash cushions and guardrails. The transaction is subject to customary closing conditions and regulatory approval. THP operates 14 manufacturing and distribution facilities across the U.S. and has a strong market presence in Europe, South America, and Asia.
Positive
Acquisition valued at $375 million potentially enhancing THP's operational capacity.
THP has strong customer relationships and product innovation, benefiting from long-term infrastructure spending.
Monomoy Capital Partners' investment strategy focuses on operational improvements, likely leading to growth.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Monomoy Capital Partners, a middle-market private investment firm focused on operational value creation, announced today that it has signed a definitive agreement to acquire Trinity Highway Products (“THP” or the “Company”) from Trinity Industries, Inc. (NYSE:TRN) for approximately $375 million. The transaction remains subject to customary closing conditions and regulatory approval.
Founded in 1973, THP is a manufacturer and lessor of highway safety products, including crash cushions, end terminals, guardrails and truck-mounted attenuators. Trinity operates 14 manufacturing and rental distribution facilities in the United States and maintains sales offices in Europe, South America and Asia. President Nick Verska will continue to lead THP as chief executive officer of the business from THP’s corporate headquarters in Dallas, Texas.
“As we embark on a new chapter with the support of Monomoy, I am confident that we will continue to manufacture high-quality products that support our customers and realize significant growth opportunities for the business going forward,” said Mr. Verska. “I look forward to working with Monomoy to build upon our historical success in the highway products market and leverage Monomoy’s operational toolkit to help us improve and continue to grow our business.”
Monomoy Director Mel Bartoul remarked, “Trinity Industries has done a terrific job growing THP into an industry leader. We are excited to partner with the THP team and continue to grow the business on a standalone basis. THP’s long-standing customer relationships, product innovation and scale should position the Company to benefit from long-term infrastructure spending.”
“We are excited to welcome Trinity Highway Products to the Monomoy portfolio,” said Monomoy Co-CEO Daniel Collin. “We look forward to working with the THP team for continued success and value creation for years to come.”
THP is the second platform investment from Monomoy’s fourth private equity vehicle, Monomoy Capital Partners IV, L.P.
Carolyn Vardi of Ropes & Gray LLP provided legal counsel to Monomoy on the acquisition. The Private Credit business within Goldman Sachs Asset Management provided financing for the transaction.
J.P. Morgan Securities LLC served as financial advisor and Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Trinity Industries, Inc.
About Monomoy
Monomoy Capital Partners is a private investment firm with $2.7 billion in committed capital across a family of five investment funds. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and consumer product businesses in North America and Europe. Please see our website at www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.
MiddleM Creative, on behalf of Monomoy Capital Partners Joanne Verkuilen, Managing Partner
joanne@middlemcreative.com | 980.785.4356
Source: Monomoy Capital Partners
FAQ
What is the purpose of Monomoy acquiring Trinity Highway Products?
The acquisition aims to enhance operational capacity and capitalize on growth opportunities within the highway safety products market.
What is the transaction value for the Trinity Highway Products acquisition?
The acquisition is valued at approximately $375 million.
Who will lead Trinity Highway Products after the acquisition?
Nick Verska will continue to lead THP as the chief executive officer from the company's headquarters in Dallas, Texas.
Which company provided financing for the acquisition of Trinity Highway Products?
The Private Credit business within Goldman Sachs Asset Management provided financing for the transaction.
How will this acquisition impact Trinity Industries, Inc. (TRN)?
While the direct financial impact is not detailed, the transaction allows TRN to focus on its core operations post-sale, potentially improving its financial health.
