GreyLion, a U.S. private equity firm, has acquired Sheboygan-based Torginol, a manufacturer and marketer of decorative flakes, quartz and other products for resinous flooring systems in residential and commercial applications.
As part of GreyLion’s investment, Tom Testwuide Jr., Torginol’s chairman and owner, who acquired the company in 2001, will retire. GreyLion will partner with Jason LaBouve, chief executive officer, and the rest of the Torginol team to help drive the next phase of the company’s growth. The firm’s equity investment will help Torginol further scale various components of its business, including expanding sales and marketing initiatives, accelerating new product development, creating new value-add services for customers and enhancing manufacturing technology.
According to a press release, the company has recorded more than 20 years of uninterrupted growth and strong profit margins.
“It has been an honor and a privilege to work alongside my talented colleagues to help grow Torginol into the industry leader it has become over the past two decades. I am incredibly proud of what we’ve accomplished, and I believe the company is strategically positioned to grow even further. GreyLion’s deep expertise, outstanding team and transparent process make them the perfect fit to serve as a long-term partner. They possess extensive experience helping companies like ours accelerate their growth and I believe their collaborative approach to partnering with senior management teams is exactly what is needed to help us maintain our culture and ensure the company continues on an upward trajectory. I am excited for what the future holds,” said LaBouve.
CIBC acted as exclusive financial advisor to Torginol, Godfrey & Kahn served as legal counsel to Torginol, and Latham & Watkins served as legal counsel to GreyLion.
