Gen Cap America has acquired TFM Services, a provider of facilities maintenance services, from Thrash, Inc. The buy of TFM is the eleventh platform for Gen Cap’s fourth fund.
TFM provides janitorial and floor maintenance services to retail, commercial, health care, industrial, and education facilities. The company’s services include conventional janitorial services, concrete restoration, power washing, window washing, landscaping, and general maintenance.
The company has more than 150 employees and over 50 sub-partners that serve customers in Kansas, Oklahoma, Nebraska, and Missouri. Wichita, Kansas-headquartered TFM was founded in December 1987 by Russell Thrash. Post-closing, the TFM management team will be led by President Patrick Phillips who has been with the company since 2005.
“We are thrilled to partner with the TFM management team,” said Matt Lane, a managing director at Gen Cap America. “TFM is an exceptional platform in an industry that continues to grow in importance to facilities managers. Additionally, the team at TFM is a perfect fit for our model focused on partnering with existing, successful management teams to assist them as they look to continue their track record of success.”
The buy of TFM is Gen Cap’s second in the facilities maintenance space for its fourth fund, Southwest Fund VII LP, and its eleventh platform acquisition for this fund which had a final close at its hard cap of $250 million fund in January 2017. The firm’s earlier buy in this space is Missouri-based Mid America Specialty Services (then Mid America Metals) in May 2018.
“TFM fits perfectly with Gen Cap’s investment model of backing management teams at companies with long histories of success,” said Barney Byrd, CEO of Gen Cap.
Gen Cap America invests in companies with revenues between $10 million and $200 million and EBIT of $2 million to $15 million that are active in the manufacturing, distribution, or service sectors. Gen Cap was founded in 1988 and is based in Nashville.
Private Equity Professional | August 5, 2020
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