Pacific Avenue Capital Partners Completes Acquisition of the North American Flooring Business of H.B. Fuller Company, Now Operating as TEC Specialty Products

December 04, 2024 at 09:00 AM EST

LOS ANGELES, CA / ACCESSWIRE / December 4, 2024 / Pacific Avenue Capital Partners ("Pacific Avenue"), a Los Angeles-based private equity firm focused on corporate carve-outs and other complex situations in the middle market, is excited to announce it has completed the acquisition of the North American Flooring Business (the "Company") from H.B. Fuller Company ("H.B. Fuller") (NYSE: FUL). The Company, now operating as TEC Specialty Products ("TEC"), is a leading manufacturer of flooring repair and installation products, serving commercial and residential end markets. The Company is headquartered in Aurora, Illinois, and includes six strategically located manufacturing facilities and three warehouses across the United States. TEC's products are available through a wide network of distributors and retail locations throughout the United States and Canada.

TEC Specialty Products offers its customers a comprehensive portfolio of flooring preparation and installation solutions, including adhesives, grouts, mortars, moisture mitigation products, and other specialty surface preparation and repair products. Its best-in-class brands, TEC®, Parabond®, Fortane®, and ProSpec® have a long history of reliably supporting resilient, tile, stone, wood, carpet, and other flooring applications.

The acquisition of TEC Specialty Products is another example of Pacific Avenue's ability to navigate complex transactions and partner with corporate parents to quickly execute seamless carve-outs of non-core business units across a wide variety of industries. Under Pacific Avenue's stewardship, the Company will focus its efforts on further serving customer needs and executing on numerous growth prospects available in the flooring adhesives market.

"We are thrilled to announce the TEC Specialty Products investment. We have strong conviction in the Company's ability to consistently deliver innovative, high-performance flooring solutions to its customers. We look forward to investing the necessary resources and collaborating with the management team to support TEC's continued growth and success in this industry. This closing underscores Pacific Avenue's relentless commitment to being a trusted partner for corporate sellers and management teams, especially in navigating complex transactions." - Chris Sznewajs, Founder and Managing Partner of Pacific Avenue

"The team at TEC Specialty Products is very excited to partner with Pacific Avenue. For over 65 years, TEC has been synonymous with innovation, quality, and exceptional support for our customers' flooring installation needs - a legacy that will persist. This collaboration opens new doors to improve service for our customers, empower our team, and fuel growth for TEC and our industry overall. I look forward to working alongside the Pacific Avenue team as we build toward our shared vision for the future." - Mike Leuschner, CEO of TEC Specialty Products

Pacific Avenue was advised by Chemlink Partners, LLC as financial advisor and O'Melveny & Myers LLP as legal advisor.

About Pacific Avenue Capital Partners

Pacific Avenue Capital Partners is a Los Angeles-based private equity firm focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience, allowing the firm to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. The members of the Pacific Avenue team have closed over 105 transactions, including over 40 corporate divestitures, across a multitude of industries throughout their combined careers. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive lasting and strategic change while assisting businesses in reaching their full potential. Pacific Avenue has more than $1.9B of Assets Under Management (AUM) as of September 30, 2024. For more information, please visit www.pacificavenuecapital.com.

About H.B. Fuller

As the largest pureplay adhesives company in the world, H.B. Fuller's (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2023 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,500 global team members who collaborate with customers across more than 30 market segments in over 140 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

Contact Information

Chris Baddon
Principal
cbaddon@pacificavenuecapital.com

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