July 30, 2019. Akoya Capital Partners, LLC (“Akoya”) and Tecum Capital Partners (“Tecum”) have acquired Primetac Corporation (“Primetac”, or the “Company”) in partnership with the founders and management team. Founded in 1992 by Peter Feniello, Primetac is a leading distributor of industrial packaging materials including acrylic tapes, hot melt adhesives, converted stretch films, strapping tapes, and other related products.
Dave Burger, Managing Director at Akoya, commented, “We are excited to be partnering with the Feniellos to help them achieve the vision of making Primetac a much larger and stronger national supplier of packaging tapes and related products. They have built Primetac into a profitable, well-respected company that offers high quality products delivered expediently to packaging distributors. We plan to build on this solid foundation with investments to increase sales coverage as well as expand service and product offerings. In addition, we see several acquisition opportunities to accelerate growth and add new capabilities.”
Primetac is Akoya’s 16th platform investment and 2nd investment partnering with Tecum. “The Primetac acquisition is consistent with our investment strategy of combining world-class executives, well-positioned companies, and fully developed value creation strategies to create significant value for management and investors. We were delighted to partner with Tecum on this transaction as they have proven to be a value-added investor and strategic partner,” said Carr Preston, Managing Director of Akoya.
Peapack-Gladsone Bank provided senior debt financing for the transaction. Primetac was represented by Strategic Exit Advisors, a Philadelphia based investment bank.
About Akoya Capital Partners
Akoya Capital is a sector-focused independent sponsor that creates and nurtures partnerships between management and capital. With industry leading sector expertise, proprietary platform organizations, experienced management teams, and co-investors, we collaborate on compelling value creation opportunities. Together, we develop and execute industry sector acquisition strategies that deliver significant, measurable value for management, partners, and shareholders. Led by the industry knowledge of our sector leaders, we are highly selective in the sector-based investments we pursue. This exclusivity allows us to work with the finest companies from each industry.
We currently focus on investments in the following sectors:
- Industrial: Specialty Chemicals, Industrial Products, and Distribution
- Consumer: Foods and Products
- Professional Information Services
Ideal Target Company Characteristics:
- $20 million to $150 million of sales
- +$3 million of EBITDA
- Family held, owner/operator run, corporate carve-outs
- Management wants to remain with the business in some capacity and is open to re-investment
If you know of a company that fits this profile, we would welcome the opportunity to discuss it with you. Please contact Pat Riley at 312-546-8303 or email@example.com.