Tecum Capital Partners has invested in National Power Corp., a Raleigh, North Carolina, company that assembles custom battery packs for the global OEM market. Tecum partnered with SBIC mezzanine lender C3 Capital Partners to provide subordinated debt and equity to support the transaction led by Valley Ridge Investment Partners.
The original founder and existing CEO Eddie Youngblood will remain with National Power and retain a minority stake. Financial terms of the transaction were not disclosed. In conjunction with the transaction, National Power Corp. becomes National Power LLC.
With the financial support of the investor group, National Power expects to hire field service technicians, expand product and service offerings, upgrade enterprise resource planning systems and incorporate inorganic growth opportunities.
“Collectively, we feel we have a very strong bench at the company and within the investor group to build upon the past successes of National Power well into the future. We have a great relationship with C3 and are very excited we could come together on another strong outcome behind the leadership of Eddie Youngblood and Valley Ridge,” Tecum Partner Matt Harnett said, in a statement.
Tecum is an independent investment firm based in Pittsburgh, with more than $750 million in assets under management. The multi-strategy investor is currently investing out of its second SBIC Fund and seeks to invest $5 million to $20 million in potential portfolio companies.
Valley Ridge was founded in New Canaan, Connecticut as an independent sponsor PE firm to make control investments in lower middle-market industrial companies. C3 Capital, which has offices in Kansas City and Phoenix, has invested over $500 million in more than 80 companies since 2003.
