NIAGARA FALLS, N.Y.–Private investment firms RedNest Partners and Admiral Capital Group announced today that they have partnered to acquire Tecmotiv Corporation (“Tecmotiv” or the “Company”). Tecmotiv is a leading provider of maintenance, repair, overhaul and upgrade (“MRO&U”) services and related components for military vehicle platforms including the M113, M109, M60, M88A1 and M88A2 with a specialty in Air-Cooled, V-Configuration, Diesel, Super-turbocharged (AVDS) powertrains. Terms of the transaction were not disclosed.
With operations in Niagara Falls, NY and Concord, Ontario, Tecmotiv has built its reputation by delivering superior quality, advanced technical know-how and timely delivery of critical components and MRO&U services to U.S. military and allied customers around the world. Tecmotiv’s world-class team will continue to be led by long-time Executive Vice President, Gary Sheedy, who will become President and CEO of the Company.
“Tecmotiv’s focus on delivering the highest quality and value to its customers aligns perfectly with our core, customer-centric investment philosophy,” said Jack Nestor of RedNest Partners. “RedNest is well-equipped to help the talented team at Tecmotiv build upon the strong platform and processes they have established over the past 27 years and continue the Company’s expansion.”
Gary Sheedy, President and CEO of Tecmotiv stated, “We’re excited to work with RedNest and Admiral to build on Tecmotiv’s strong platform with new growth opportunities while remaining laser-focused on delivering the highest quality services and components available anywhere. I personally look forward to building new strategic relationships that will complement our portfolio, enable us to expand our offering and grow our network of Teammates.”
Tecmotiv’s core capabilities center around ground fleet maintenance and preparedness. By providing high quality components and best-in-class remanufacturing services, the Company supports its customers in extending the useful lives of powertrain systems in a variety of ground vehicle platforms. Tecmotiv’s ability to up-power these systems enables customers to upgrade existing fleets at substantially lower cost than replacement.
“It’s been a great pleasure working with Tecmotiv’s wonderful team of professionals and getting to know the RedNest and Admiral folks through this process,” said Arthur Hayden, Tecmotiv’s outgoing President & CEO. “I know the Company is in great hands and I look forward to seeing its continued growth and achievement during the years to come.”
“We are excited to join such strong partners and management in acquiring a high-growth business with great mission alignment with Admiral. In Tecmotiv, we are investing in a long-time trusted supplier to the U.S. military, while also investing in an Empire State Opportunity Zone,” added Dan Bassichis, Admiral Capital’s co-founder. “Our partnership with RedNest builds on Admiral’s successful history of partnering with best-in-class operators to invest in private equity and real estate opportunities where Admiral can bring capital, expertise and a strong network to accelerate growth and we look forward to scaling up these efforts.”
Philpott Ball & Werner, LLC was the investment banking advisor to Tecmotiv Corporation.