Brown Machine Group Is Acquired by IGP


Brown Machine Group, a portfolio company of Tenex, sale to IGP


Thermoforming Technology Group LLC (dba “Brown Machine Group” or the “Company”), a portfolio company of Tenex Capital Management (“Tenex”), was recently acquired by Industrial Growth Partners (“IGP”). Terms of the transaction were not disclosed.

Baird served as financial advisor to Thermoforming Technology Group LLC on this transaction.


Founded in 1952, Brown Machine Group is a leading provider of turnkey thermoforming and packaging systems for the food & beverage market. The Company offers a broad portfolio of highly-engineered thermoforming and automation equipment, in addition to best-in-class tooling and a comprehensive offering of post-sale parts, service and support. Brown Machine Group's deep product and application expertise has enabled the company to serve as a comprehensive system solutions provider to its customers, the majority of which are blue-chip food & beverage packaging producers. The Company is poised to benefit from secular trends driving demand for thermoforming equipment and greater adoption of automation technologies. Brown Machine Group is headquartered in Beaverton, Michigan.

Tenex is a private equity firm that invests in middle-market companies. Tenex uses an in-house team of hybrid investment professionals skilled in operational leadership, investing and capital markets structuring to maximize long-term value creation. Tenex’s deep operating experience allows the firm to collaborate with management teams to capitalize on business and market opportunities. Tenex has successfully invested in a diverse range of industries, including industrials, manufacturing, automotive aftermarket and health and business services. Tenex is headquartered in New York, New York.

Founded in 1997, IGP is a specialist private investment partnership with $2.2 billion of equity capital raised since inception. The firm invests exclusively in middle-market companies in the industrial sector in partnership with management teams. IGP is based in San Francisco, California.

Brown Machine Group, a portfolio company of Tenex, sale to IGP

October 2018
Thermoforming Technology Group LLC
M&A - Sellside
Target Geography
North America
Acquiror Geography
North America