Frontenac Exits TPC to Ridgemont’s American Safety Council
December 2, 2021
Chicago, IL – Frontenac, a Chicago-based private equity firm, today announced that it has completed the sale of TPC, a provider of industrial skills and workplace safety training, performance management, and environmental, health & safety (“EHS”) compliance software solutions, to American Safety Council (“ASC”). Terms of the transaction were not disclosed.
Headquartered in Chicago, TPC provides workforce training, performance, and compliance solutions to organizations of all sizes, ranging from Fortune 1000 companies to small businesses and workers that span multiple disciplines from industrial to food service. The company offers one of the industry’s broadest libraries of technical and safety training content, as well as software solutions to manage workforce operations. TPC helps companies maximize the full potential of their workforce, dramatically improve productivity, reduce downtime and keep teams safe.
Frontenac led a recapitalization of TPC in 2018 and helped to develop and deploy a strategic growth plan that digitally transformed the business, enabling rapid growth and margin enhancement. These efforts included shifting the company’s solutions toward more specialized digital offerings and delivery capabilities, investing in a robust Learning Management System, and further building out the company’s leadership team. TPC also completed five accretive acquisitions which strategically expanded the company’s product portfolio and end markets.
“Frontenac has greatly enjoyed our partnership with TPC, its management team, and our CEO1ST Partner, Ty Field,” said Michael Langdon, Managing Director of Frontenac. “When we first partnered with Ty and identified TPC as an investment opportunity, we were attracted to the growing, fragmented market within which TPC competes and its impressive leadership team. We also recognized the opportunity to digitally transform the business, while opening new avenues for growth and further professionalizing the business. TPC remains strongly positioned for continued expansion, and we are confident that it will continue its impressive growth trajectory and commitment to client service under new ownership and leadership from ASC."
Ty Field, Chairman of TPC, commented, “TPC has accomplished everything we set out to achieve under our ownership and more. We are proud of what TPC has built in collaboration with the Frontenac team, and we look forward to the business continuing to flourish under its new ownership.”
“I am proud of the growth in scale, capabilities and talent that TPC has achieved during our partnership with Frontenac,” said Derek Dunaway, Chief Executive Officer of TPC. “Frontenac has served as a collaborative partner and trusted advisor to TPC. They have worked closely with us to provide strategic perspective, support continued pursuit of organic and acquisition growth initiatives, and make proactive investments in digital transformation and people. I am excited for TPC’s future alongside American Safety Council.”
Markie Masri, Vice President of Frontenac, added, “Our investment in TPC demonstrates the Frontenac playbook at work. We leveraged our business services executive network to identify a unique investment opportunity; we leveraged our digital transformation expertise to enhance the company’s service offerings; we augmented the company’s management team and board with experienced industry leaders; and we provided the capital to make targeted growth investments and complete strategic acquisitions. We are pleased to have worked with TPC’s leadership team to achieve these goals.”
Harris Williams acted as financial advisor to TPC, and Baird served as financial advisor to ASC. Honigman LLP served as legal counsel to TPC, and Alston & Bird LLP served as legal counsel to ASC.
About TPC
TPC is a provider of industrial skills and workplace safety training, performance management, and EHS compliance software solutions to organizations of all sizes, ranging from Fortune 1000 companies to small businesses and workers that span multiple disciplines from industrial to food service. The company offers one of the industry’s broadest libraries of technical and safety training content, as well as software solutions to manage workforce operations. TPC helps companies maximize the full potential of their workforce, dramatically improve productivity, reduce downtime and keep teams safe. TPC is headquartered in Chicago, Illinois. For more information, please visit www.tpctraining.com.
About Frontenac
Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 50 years, Frontenac has built a leading franchise working with over 275 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.
Media Contacts
Teri Tadros, Director of Development
Frontenac
ttadros@frontenac.com
312-759-7322