We represented TVV Capital portfolio company Big 3 Precision Products, Inc., a maker of turnkey packaging solutions, in its sale to The Eastern Company (Nasdaq: EML), a publicly traded diversified manufacturer, for $81.7 million. For nearly a decade, Bass, Berry & Sims has represented TVV Capital and Big 3 Precision in its growth strategy, including TVV’s initial acquisition of Big 3, two bolt-on acquisitions and numerous financings.
“We are proud of TVV Capital and Big 3 Precision Products for their tremendous success and growth over the years and appreciate the opportunity to have represented them through the lifecycle of their partnership. We look forward to our continued growth in our representation of private equity funds and their portfolio companies,” said lead deal attorney John Fuller.
The deal team was led by Bass, Berry & Sims corporate attorney John Fuller and included corporate attorneys Ryan Hoffman and Tyler Huseman. Philip Lewis counseled on tax issues while John Dawson directed the client through complex environmental matters; Felix Dowsley and Katie Smalley advised on financing-related matters; Curtis Fisher advised on employee benefits matters; Kimberly Veirs advised on labor and employment matters; and Shelley Thomas advised in intellectual property matters.
“John, Ryan, and the rest of the team at Bass, Berry & Sims provided us with first-class legal representation on Big 3 from acquisition to sale,” said A.J. Byrd, managing director at TVV. “Their expertise and responsiveness helped us manage and realize a on a portfolio company that ultimately returned a double-digit multiple on equity to Big 3’s investors. We appreciate all of their help over the years.”
The transaction was highlighted in several media outlets, including:
- “The Eastern Company Acquires Big 3 from TVV,” PE Hub (September 3, 2019)
- “Eastern Acquires a Leading Provider of Engineered Packaging for $81.7 Million,” Business Wire (September 3, 2019)
- “Eastern Co. Acquires Big 3 Precision in $81.7-Million Deal,” Plastics Today (September 4, 2019)
- “TVV Capital Hits 12x Return on Latest Sale,” Private Equity Professional (September 9, 2019)
Big 3 Precision Products offers design and fabrication services to create container and racking systems for the aerospace, truck, automotive, plastic, glass, fiberglass, military and SMC industries.
TVV Capital is an operationally-focused private equity investment firm that targets high-performing niche manufacturing companies in the lower middle-market. The firm seeks to accelerate portfolio growth and expansion through an operational value-added approach, utilizing senior manufacturing executives to forge close working partnerships with portfolio company leadership.
The Eastern Company is a 161-year-old manufacturer of custom-engineered components and products, including industrial hardware, security products and metal castings. It operates from 18 locations in the U.S., Canada, Mexico, U.K., Taiwan and China. The broad range of Eastern’s products helps it to respond to the changing requirements across diverse markets, including heavy and medium trucks, consumer packaged goods, mining, commercial laundry, electronics, military and other industrials.
The Bass, Berry & Sims Corporate & Securities Practice encompasses mergers and acquisitions, capital markets transactions, corporate governance and shareholder activism. We serve as primary corporate and securities counsel to more than 35 public companies and have counseled on 150 deals ranging in size from $20 million to more than $15 billion over the past two years. The team and our attorneys have been consistently recognized in leading industry outlets, including Chambers USA – ranked as a top corporate firm in Tennessee since 2003 – and M&A Advisor Award recipient for – “Healthcare & Life Sciences Deal of the Year ($100M – $1B)” and “Industrials Deal of the Year (Over $1B)” in 2019; and “M&A Deal of the Year ($10MM-$25MM)” and “Healthcare and Life Sciences Deal of the Year (Over $100MM-$1B)” in 2018.