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TBG Equity acquires and builds lower middle market companies with strong gross margins, established customer bases, and clear paths to growth. We focus on manufacturing and services businesses with defensible positions in niche markets where we can scale organically and through acquisitions.
We do not invest in start-ups, pure turnarounds (unless a tuck-in), business-to-consumer, technology, or biotech companies. Our preference is for industrial and B2B companies with simple, understandable models and the ability to grow with the right operational and capital support. |
Referral Partnerships
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Sectors We Target
We will consider distribution businesses that are a strategic fit, but our primary focus is on manufacturing and services where we can add operational value and scale over time.
- T&D & Infrastructure – U.S.-based manufacturing of mission-critical medium-voltage and low-voltage equipment tied to the energy grid, including pad-mounted transformers, switchgear, electrical enclosures, metering hardware, pedestals, and site kits, with a focus on the Western U.S.
- Overlanding & Recreational – Niche manufacturing and select services in the adventure and van lifestyle sector, including specialty components, conversion products, and accessories.
We will consider distribution businesses that are a strategic fit, but our primary focus is on manufacturing and services where we can add operational value and scale over time.
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Key Business Characteristics
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Financial Criteria
Platform Acquisitions
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Deal Structure
We structure transactions to meet the objectives of all parties and build long-term value. Previous deals have included cash, earn outs, seller notes, equity rollovers, and profit sharing. We have completed asset purchases, stock purchases, and recapitalizations. Our experience includes designing structures that minimize taxes and align the incentives of owners, managers, and employees, all with the goal of creating lasting operational and financial success. |
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