FGI Finance Provides TPM with $15MM ABL Facility to Support Growth
“We are pleased to work with FGI again, this time to secure a financing solution for our company, TPM. FGI’s hands-on approach and emphasis on partnership resonate with our team and values. They have a deep understanding of our operations, and their ability to provide a single facility to include both domestic and international assets is incredibly valuable.”
Partner, MiddleGround Capital
TPM, formerly Precision Parts, is a worldwide leader in precision molded components, supplying highly engineered plastic components utilized in the automotive, small engine, electronics, industrial, consumer, and medical markets. Headquartered in Minnesota with operations in Mexico, TPM’s core offerings include injection, 2-shot and insert molding, automated assembly of precision components, decorative finishing, and final assembly.
TPM is a portfolio company of MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle market, B2B industrial and specialty distribution companies. Looking to increase working capital and explore future growth opportunities for TPM, MiddleGround reached out to FGI for a financing solution that could leverage assets in both the US and Mexico.
FGI structured a tailored $15MM cross-border facility, providing increased liquidity for working capital and future growth for TPM as they continue to bring flexible and innovative solutions to partners’ complex problems throughout North America.
