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HCI Exits TSM Corporation
- HCI Equity Partners has sold TSM Corporation, a manufacturer of precision-machined components, to Walor North America, a subsidiary of FerrAl United.
- TSM Corporation produces close-tolerance steel and aluminum components for the automotive industry, serving OEMs and Tier 1 suppliers.
- Founded in 1978, TSM operates facilities in Michigan and Mexico, with 240 employees and revenues of about $120 million in 2024.
- HCI initially invested in TSM in August 2017, focusing on talent, technology, and capacity enhancement.
- FerrAl United, the buyer, specializes in automotive castings, forgings, and machined components for OEMs and Tier 1 suppliers.
- Mutares SE & Co, the parent company of FerrAl United, formed the business through the consolidation of three portfolio companies in 2023.
- HCI Equity invests in lower middle market distributors, manufacturers, and service providers, with a focus on fragmented industries.
- Mutares is a Munich-based private equity firm investing in corporate carve-outs and special situations in various sectors.
- Mutares sees the acquisition of TSM as an expansion of its North American presence and capabilities in precision manufacturing.
- Donnelly Penman & Partners served as the financial advisor to both TSM and HCI in the transaction.
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