Growing Sheboygan manufacturer
Torginol has been acquired by a New York City-based private equity firm
GreyLion for an undisclosed price.
Founded in 1961, Torginol is a manufacturer and marketer of decorative flakes, quartz and other products in resinous flooring systems in both residential and commercial applications. In 2001, it was acquired by
Tom Testwuide, chairman and owner, who will now retire as part of GreyLion's acquisition, according to an announcement from GreyLion last week.
Jason LaBouve will remain as CEO.
"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," LaBouve said. "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."
Torginol has recorded more than 20 years of uninterrupted growth and "strong" profit margins, according to the announcement.
"(Our) 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," GreyLion said in the announcement.
GreyLion manages private equity funds with aggregate commitments of approximately $2 billion. Its current portfolio includes manufacturers, ecommerce platforms and restaurants, among others.
Following GreyLion's acquisition, Torginol's real estate in Sheboygan was sold to Phoenix-based real estate investment firm
Fundamental Income for $27 million, according to state property records.
The properties span 31 acres and includes three buildings located at 4617 S. Taylor Drive, 4350 Tower Drive and 3217 Behrens Parkway.
More articles about Torginol:
