MACEDONIA, Ohio—TPC Wire & Cable Corp. has made two acquisitions this year designed to further expand its revenue growth and industry reach.
In February, TPC acquired Integrated Cable Systems Inc. (ICS), an ISO 9001 certified supplier of custom cables, harnesses, electro-mechanical assemblies and industrial panels. ICS's solutions are used in a wide variety of industries where precision is critical and safety is paramount. The firm's customers most commonly are found in the medical, defense, aerospace, testing/measurement and several other markets.
One month later, Macedonia-based TPC acquired Hydro Group, a custom subsea connectivity solution provider based in Scotland. Hydro specializes in the design, engineering and manufacturing of subsea connectivity products for the oil and gas, marine, renewable energy and defense industries.
These two recent acquisitions are ideal for TPC because of its recent and ongoing investment in a new Engineered Products Division, which specializes in bespoke customer solutions in niche markets, according to a TPC news release. This division will expand the company's ability to serve markets with high expectations and specific needs such as military, aerospace, medical device and equipment, other health care entities and semiconductors, among others.
By bringing ICS and Hydro into the fold, TPC said it will further expand its portfolio of specialized wire and cable solutions for high-reliability applications.
"We've invested in our Engineered Products Division to build on this promise in a growing number of high reliability end markets and applications," Jeff Crane, TPC president and CEO, said in a statement. "We continue to focus on providing high performance connectivity solutions for our customers' high-cost-of-failure applications."
The Hydro acquisition will expand TPC's reach into the European market, with the anticipation that using the Hydro brand will help increase revenue and market share for new business on that continent. Hydro will continue to operate as its own entity under the parent company.
"We believe this will be a mutually beneficial partnership, allowing Hydro Group to continue growing its capabilities and geographic reach by benefiting from TPC's investment, technical expertise and global footprint," Nildeep Patel, president of TPC's Engineered Products Division, said in a statement.
TPC's investment in Hydro will allow that group to deliver custom solutions to even more customers in extreme environments where high performance is a factor, said Douglas Whyte, managing director and owner of Hydro Group, who will continue to oversee the new division of TPC. "Hydro has a formidable pedigree and is looking to leverage TPC's support to pursue additional global opportunities," he said.
ICS is based in Colorado and since being developed in the late 1980s has become known for its engineering expertise, responsive lead times, maintaining stringent regulatory policies and a successful quality assurance process that offers significant value to clients, according to TBC.
Former owner Curt Even will remain general manager of the ICS group within TPC's structure. He said TPC will support future investments designed to further expand revenue and find new customers. "As our business grew over the last few years, we knew we would need outside resources to support the current and future needs of the organization," he said in a statement.
Founded in 1979, TPC has branded itself as a leading designer and provider of high performance wire, cable, connectors, assemblies and accessories used in challenging environments where one mistake can cost a company millions of dollars. Its products are designed to exceed customer performance specifications and withstand virtually unlimited abuse from impact, abrasion, flexing, chemicals, extreme temperatures, miniaturization and other demanding design requirements.
It does not appear there will be significant changes in employee count for the new components of TPC, which is a portfolio company of Audax Private Equity.