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Business Description:
Tree Island is one of North America’s largest manufacturers of nails, bright and galvanized wire and other fabricated wire products.
Reason for Sale:
Tree Island was a division of Georgetown Steel and was viewed as a non-core business.
Management Participation:
Management participated in a substantial equity incentive program that rewarded them for achieving their stated growth objectives.
Investment Success:
After Tricor’s acquisition of Tree Island, Tree Island acquired strategic competitors which allowed the Company to enter the rapidly growing collated nail market. Tree Island's cash flows grew significantly over Tricor’s eight year investment period.
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“From the time Tricor acquired Tree Island in 1997 to our IPO in 2002 and Tricor’s final sale of its investment in 2004, Tricor has proven itself to be trustworthy, responsive, and strategically valuable. Tricor delivered on all the promises made by the three founders to the management team at acquisition. They let us do what we did best, but were approachable and value-add when their advice or expertise was required. They provided significant financial and transactional support when we acquired our US clip-ons. Tricor never failed to involve management in all strategic matters, bringing or helping us evaluate numerous consolidation and exit opportunities. In the end, Tricor’s exit from Tree Island was seamless. Their ownership helped us create real value for all stakeholders.”
Ted Leja
Former CEO
Tree Island Industries, Inc.
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