Saothair Capital Partners, LLC, a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, announced it has acquired a majority equity stake in T BAILEY, LLC through a newly-formed affiliate.
T BAILEY is a leading vertically integrated provider of above-ground industrial tanks, casings, marine pontoons, penstocks, pressure vessels, and other large custom steel solutions. Founded in 1991 by CEO Gene Tanaka, the company has become a leader in the Northwest, recognized for its commitment to safety, quality control, and exceptional project management. T BAILEY has successfully completed numerous, large-scale projects throughout the Pacific Northwest, Alaska and Hawaii.
Headquartered in Anacortes, Washington, the company operates from a state-of-the-art 158,000-square-foot fabrication facility strategically located to directly ship and receive oversized loads via barge, rail, or truck. Mr. Tanaka will continue to maintain a meaningful ownership stake in T BAILEY and serve as its Chief Executive Officer.
Kevin Madden, Co-founder and Managing Partner of Saothair, said, “What Gene and his team have accomplished over the past 30 plus years is truly exceptional. T BAILEY has built itself into the leader in its region, and we look forward to providing the resources necessary for the company to continue offering exceptional service to its customers and grow its position in the marketplace.”
Richard Lozyniak, Co-founder and Operating Partner of Saothair, added, “The reputation T BAILEY has established in the marketplace is a testament to the exceptional people Gene has brought together over the past four decades. T BAILEY is able to seamlessly deliver on some of the most challenging projects in their industry, given the often demanding and unique circumstances they face in the environments that they operate. We could not be more impressed by this team, and we are thrilled to be partnered at this next chapter of the company’s story.”
“The decision to take on a partner is something that I did not take lightly,” said Mr. Tanaka. “I’ve felt a deep responsibility to make the best decision not just for myself, but for our excellent team. My confidence in the integrity of the people behind Saothair was built through the acquisition process, and I enter into this partnership with great peace of mind.”
McGuireWoods LLP provided legal counsel to Saothair on the transaction. Financing was provided by Polen Capital. T BAILEY was represented by Holland & Hart LLP for legal counsel and TM Capital as financial advisor.
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