Harris Williams & Co. Advises Truck Bodies and Equipment International on its Sale to Federal Signal Corporation
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the sale of Truck Bodies and Equipment International (TBEI), a leading U.S. manufacturer of dump truck bodies and trailers, to Federal Signal Corporation (NYSE:FSS). Harris Williams & Co. served as the exclusive advisor to TBEI, a portfolio company of GenNx360 Capital Partners (GenNx360), a New York-based private equity firm investing in middle market companies. The transaction was led by Frank Mountcastle, John Arendale, Jason Bass, Jershon Jones and James O’Malley of Harris Williams & Co.’s Transportation & Logistics (T&L) and Industrials Groups.
“The TBEI management team has done an incredible job building a leading platform poised for continued growth in the truck bodies and trailers segments,” said Frank Mountcastle, a managing director in Harris Williams & Co.’s T&L Group.
“We look forward to watching the success of the combined TBEI and Federal Signal organizations going forward,” added John Arendale, a managing director in Harris Williams & Co.’s Industrials Group. “It has been a pleasure working with the TBEI team over the course of the transaction.”
TBEI manufactures dump bodies, dump trailers, landscape bodies, grain bodies, platforms, hoists and truck and trailer equipment and accessories. It operates six major brands in five strategically located manufacturing and installation facilities in Minnesota, Alabama, Mississippi, North Dakota and Texas with 600 distributors and dealers across North America.
Federal Signal Corporation provides products and services to protect people and our planet. Founded in 1901, Federal Signal Corporation is a leading global designer, manufacturer and supplier of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, Illinois, with manufacturing facilities worldwide, the company operates two groups: Environmental Solutions and Safety and Security Systems.
GenNx360 is a private equity firm focused on acquiring middle market industrial and business services companies. GenNx360 invests in companies with proven and sustainable business models in expanding industries with the objective of implementing the required operating changes to deliver cost efficiencies, accelerate growth, generate strong financial returns and preserve capital regardless of market cycles. Founded in 2006 and headquartered in New York City, GenNx360 has invested in 15 portfolio companies that employ over 8,000 people in the U.S. and over 16,000 worldwide.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Harris Williams & Co.’s T&L Group serves companies in a broad range of attractive niches, including automotive and heavy duty vehicle, third-party logistics (3PL), truck, rail, marine and air transportation, and transportation equipment. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams & Co. website.
Harris Williams & Co.’s Industrials Group has experience across a variety of sectors, including advanced manufacturing; aggregates, metals, and mining; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.