HCI Equity Partners- Backed AmerCareRoyal Acquires Thermosource Tooling and Manufacturing (“TTM”)
AmerCareRoyal Completes Ninth Add-on Acquisition
EXTON, PA, [January 9, 2024] – AmerCareRoyal (“ACR”), a leading supplier of disposable foodservice supplies backed by HCI Equity Partners (“HCI”), announced today the acquisition of Thermosource Tooling and Manufacturing (“TTM”). TTM is ACR’s ninth add-on acquisition since HCI’s initial investment. HCI is a leading lower middle market private equity firm that focuses on partnering with founder-owned distribution, manufacturing and B2B service companies. Financial terms of the transaction were not disclosed.
TTM, established in 2004 and headquartered in El Segundo, California, supplies thermoformed and flexible packaging solutions for foodservice, food production, and grocery applications. The acquisition of TTM offers ACR complementary product and customer segments, while expanding its capabilities in branded and customized packaging solutions, a domain where TTM excels. This combination will expand the product offering and value proposition to both TTM’s and ACR’s customers.
"TTM’s exceptional design and engineering capabilities, particularly in unique packaging formats, complement our existing product lines and capabilities, allowing us to provide a more comprehensive offering to our combined customer base,” said Scott Milberg, CEO of AmerCareRoyal. “Bringing TTM under the AmerCareRoyal umbrella presents significant cross-selling opportunities, especially in segments where we have been seeking to expand, while also growing the product offering available to TTM’s customers.”
“The TTM acquisition is a testament to our strategy of fostering growth through highly strategic acquisitions for our portfolio companies,” said Doug McCormick, Managing Partner at HCI. “We're excited about the potential TTM brings to enhance ACR’s service offerings and market positioning, and we welcome the talented TTM team."
“TTM is proud and very excited to join HCI and the AmerCareRoyal family of businesses,” said Paul Smith, President of TTM. “Being able to access ACR’s strong customer relationships, North American distribution network, and professional sales force is a perfect fit for TTM. We are looking forward to adding to the fantastic growth of the combined businesses.”
Greenberg Traurig served as legal counsel to ACR. Critical Point Partners acted as the financial advisor to TTM and Jeffer Mangels Butler & Mitchell served as legal counsel.
About AmerCareRoyal
AmerCareRoyal is a single stream resource for essential packaging and preparation products used in the foodservice, janitorial, sanitation, industrial, hospitality, and healthcare industries. With multiple shipping points across North America, our family of companies service national level customers with outstanding customer service and an ever-growing product line.
About HCI Equity Partners
HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder owned distribution, manufacturing, and service companies. HCI is headquartered in Washington, DC. For more information, please visit www.hciequity.com.
