The Partner Companies Secures $100+ Million Strategic Investment from Tensile Capital Management

Rhea-AI Summary

The Partner Companies (TPC) announced a strategic minority equity investment of $100+ million from Tensile Capital Management on Nov 18, 2025, completing a recent $300+ million capital raise together with a $200+ million syndicated credit facility led by Huntington Bank (HBAN).

The financing targets expansion of specialized manufacturing across TPC's 11 brands, supports organic growth, equipment and process technology upgrades, and pursuit of value-creating acquisitions. TPC cited five acquisitions since 2020, and Capstone Partners and Duane Morris advised TPC while Kirkland & Ellis advised Tensile.

Positive

• $100+ million minority equity investment from Tensile
• Completed $300+ million total capital raise
• $200+ million syndicated credit facility led by HBAN
• Capital designated to scale 11 specialized brands and pursue acquisitions

Negative

• None.

Insights

Growth capital strategist

Large minority equity completes a >$300M raise to scale capacity, tech and acquisitions.

The major business mechanism is a strategic minority equity injection of $100+ million from Tensile plus a recent $200+ million syndicated credit facility, completing a total capital raise in excess of $300+ million. This structure supplies long-duration capital for capital expenditures, technology upgrades and buy-and-build activity across TPC's 11 brands serving aerospace, defense, medical, energy and broader industries.

The primary dependencies and risks are integration execution and disciplined capital allocation. The plan rests on using proceeds for capacity expansion, equipment/process technology and acquisitions; successful value creation requires timely deployment and measurable returns from those investments. Monitor cash deployment pace, announced targets for capacity or technology upgrades, and any near-term acquisition announcements within the next 12-24 months.

Near-term concrete items to watch include public disclosures of specific uses of proceeds, timing of planned acquisitions, and measurable capacity or product milestones by 2026. Expect the strategic investor to influence long-term capital availability given Tensile's stated evergreen structure.

Operations & M&A analyst

Fresh equity plus credit facility materially strengthens funding for organic and inorganic growth.

Operationally, the combined financing provides targeted resources to expand specialized manufacturing capabilities and pursue additional acquisitions; the release cites five prior acquisitions since 2020, showing an explicit roll-up approach. Capital availability should accelerate equipment purchases and process upgrades that directly increase throughput and service scope across key end markets.

Execution risks include integration of acquisitions and converting capital into measurable operational scale. The announcement lists planned uses but gives no timetable or quantified targets; this leaves uncertainty about near-term impact on production capacity or margins. Track announced acquisition targets, disclosed capital expenditure timelines, and any quarterly updates that quantify capacity improvements over the next 12 months.

Overall, the financing is a positive strategic enabler for growth if management translates the funds into completed acquisitions and verifiable capacity upgrades; investors should watch stated milestones and any follow-on financing terms or covenants tied to the syndicated facility.

Equity investment completes recent $300+ million total capital raise to scale manufacturing operations, advance technology and fuel strategic growth.

CHICAGO, Nov. 18, 2025 /PRNewswire/ -- The Partner Companies (TPC), a U.S.-based advanced manufacturing company, today announced a $100+ million equity investment from Tensile Capital Management LP (Tensile), a San Francisco-based investment firm. The investment completes a recent $300+ million capital raise along with TPC's recent $200+ million syndicated credit facility led by Huntington Bank. In total, the financing will help accelerate growth across TPC's 11 brands that serve the aerospace, defense, medical technology, energy and broader industries.

The minority equity investment will accelerate TPC's next phase of growth, enabling the company to expand its specialized manufacturing capabilities, pursue value-creating acquisitions and advance its equipment and process technology.

"Partnering with Tensile enhances our strategy and the progress we've made building one integrated manufacturing leader across specialized brands," said Christian Streu, Chief Financial Officer, The Partner Companies. "Our customers are solving some of the most pressing challenges facing society: defending national security, advancing medical breakthroughs, meeting rapidly increasing energy demands and pushing the boundaries of next-generation technology. With over $300 million in new capital and partners supporting our vision, we are positioned to expand our capacity and serve these critical industries with the precision, reliability and innovation they demand."

Tensile's evergreen fund structure provides TPC with a differentiated financial partner, bringing a new level of capital access with a shared long-term time horizon. The firm's investment approach aligns with TPC's focus on creating sustainable long-term value through technology investments, capacity expansion and acquisitions.  

"TPC has taken a focused and disciplined approach to building a differentiated advanced manufacturing platform serving highly attractive and in-demand industries," said Ted Crockin, Managing Director at Tensile. "The company has an impressive track record of serving its customers and identifying, acquiring and integrating complementary specialized manufacturing businesses. We are excited to partner with TPC's world-class leadership team by providing flexible, long-duration capital as they execute their growth strategy."

Since 2020, TPC has expanded its manufacturing footprint through five strategic acquisitions: Precision Eforming (July 2025), UPG (April 2023), Pinnacle Precision (May 2022), Photofabrication Engineering, Inc. (April 2021) and L&T Precision (December 2020). The new capital will support continued organic and inorganic growth as the company serves customers across aerospace, defense, energy, medical and technology sectors.

Capstone Partners, a leading middle market investment banking firm, served as the exclusive advisor to TPC on its growth investment from Tensile, and Duane Morris served as legal advisor to TPC. Kirkland & Ellis served as legal advisor to Tensile.

About The Partner Companies
The Partner Companies (TPC) is a global diversified manufacturing company that creates mission-critical solutions for innovators in the aerospace, defense, clean energy, medical, and technology industries. Founded in 2010, TPC has grown into an international leader with 11 specialty manufacturers in the U.S., U.K., Mexico and Asia: E-Fab, Elcon, Fotofab, Lattice Materials, L&T Precision, Microphoto, Optiforms, PEI, Pinnacle Precision, Precision Eforming and UPG. TPC's manufacturers specialize in photochemical etching, ceramic metallization, infrared optics and electroforming along with core manufacturing capabilities such as injection molding, machining, metal fabrication and finishing. TPC supports each member entity with expertise in business growth, operations, finance, human resources, supply chain management and more. For more information about TPC and its specialty manufacturers, visit thepartnercos.com.

About Tensile Capital Management
Tensile is a San Francisco-based investment firm managing approximately $2 billion in committed capital through an "evergreen" fund structure. Tensile seeks to generate superior risk-adjusted, after-tax returns through long-term investments in a concentrated portfolio of public securities and select private businesses. With respect to its private investments, Tensile's ability to invest throughout the capital structure, flexibility in structuring control and minority investments and active and collaborative partnerships with management teams and boards of directors provide unique solutions for business owners. Learn more at www.tensilecapital.com.

About Capstone Partners
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions, and financial advisory services. Headquartered in Boston, the firm has 175+ professionals across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit www.capstonepartners.com.

Media Contact:
Kristin Monroe
TPC@reputationpartners.com
262-844-5816

View original content:https://www.prnewswire.com/news-releases/the-partner-companies-secures-100-million-strategic-investment-from-tensile-capital-management-302618649.html

SOURCE The Partner Companies

FAQ

What did The Partner Companies announce on Nov 18, 2025 regarding financing?

TPC announced a $100+ million minority equity investment from Tensile that completes a $300+ million capital raise alongside a $200+ million syndicated credit facility.

How will the Tensile investment affect TPC's growth plans for its 11 brands (HBAN mentioned as lender)?

The financing is intended to expand specialized manufacturing capacity, advance equipment and process technology, and fund value-creating acquisitions across TPC's 11 brands.

What role did Huntington Bank (HBAN) play in TPC's financing?

Huntington Bank led a $200+ million syndicated credit facility that, together with Tensile's equity, completes the new capital package.

Which recent acquisitions did TPC complete before the Tensile investment?

TPC completed five acquisitions since 2020: L&T Precision (Dec 2020), Photofabrication Engineering (Apr 2021), Pinnacle Precision (May 2022), UPG (Apr 2023), and Precision Eforming (Jul 2025).

Who advised TPC and Tensile on the transaction announced Nov 18, 2025?

Capstone Partners served as exclusive advisor to TPC, Duane Morris was legal advisor to TPC, and Kirkland & Ellis advised Tensile.

Is the Tensile investment a controlling stake in TPC?

No; the announcement describes the investment as a minority equity investment from Tensile.