Windjammer Capital is pleased to announce that its portfolio company, Protective Industries, Inc. (“Caplugs” or the “Company”), has acquired Tri-Star Protector Service Company (“Tri-Star”). Terms of the transaction were not disclosed.
Tri-Star, based in New Caney, Texas, is a leading provider of reconditioned and new thread protectors to the oil & gas industry. Tri-Star is a valued supplier in the industry and is uniquely positioned as the only provider of both reconditioned and new thread protectors. Tri-Star consistently meets the complex and variable demands of its oil & gas customers by offering a comprehensive range of products that perform a critical function.
Founded in 1948 in Buffalo, NY, Caplugs has been a leader in the product protection industry for over 60 years manufacturing caps, plugs, tubing, containers, edge liners, fasteners, netting, and masking products. The Company's line of protective products is used in a wide range of industries and is mission critical to its customers throughout manufacturing, transportation and storage. With facilities in New York, Pennsylvania, Texas, California and China, Caplugs is a trusted global partner for its customers.
“The acquisition of Tri-Star broadens our protective product offering and accelerates our growth in the energy market,” said Greg Tucholski, CEO of Caplugs. “Tri-Star’s product line fits well with Caplugs’ core offering, bringing greater diversification to our business. We look forward to working with the Tri-Star team to drive additional growth.”
“Since our initial platform investment in Caplugs in May 2011, we have made two strategic acquisitions,” said Greg Bondick, Managing Director at Windjammer Capital Investors. “Our add-on acquisition of Shercon in April 2012 expanded the business into complementary and adjacent markets whereas the acquisition of Tri-Star moves us into our strategically targeted energy end market which has historically been underserved by the Company. We will continue to look to acquire businesses that provide strategic growth opportunities for Caplugs.”