TMI is the industry leader in manufacturing and installing highly customized air handling systems sold to the commercial, institutional, and industrial markets; its sister company Miller-Sage provides mechanical contracting and installation for these and other systems. TMI announced today its acquisition by MiTek, Inc. the world’s leading supplier of state-of-the-art engineered connector products, equipment, software, and services for the building components industry. MiTek is a subsidiary of Warren Buffet’s Berkshire Hathaway, Inc. (NYSE: BRK-A).
Citi Capital Strategies, a division of Citigroup Global Markets Inc. anda leading provider of investment-banking services to privately held businesses, served as the exclusive financial advisor to Tom Miller Investments, LLC (“TMI”) and Miller-Sage, Inc. (“MSI”). Terms of the transaction were not disclosed.
“We are pleased that our clients, TMI and Miller-Sage, will be able to team with a firm of the caliber of MiTek, which is owned by Berkshire Hathaway, Inc.,” said John Patek, Managing Director at Citi Capital Strategies. “The combination of these firms offers tremendous synergies, to accelerate TMI’s growth into existing markets, and for access to new and expanded markets through acquisitions.”
“We are thrilled to be part of the MiTek and the Berkshire Hathaway team. The combination of TMI and MiTek will allow us to provide even stronger service to our customers, accelerate our geographic growth, and expand through strategic acquisitions,” stated Tom Miller, CEO of TMI. “Furthermore, MiTek will support the company’s future manufacturing expansion plans needed to meet the increasing demand for TMI’s air handling products and services.” TMI, founded in 1982, is based in Holly, Michigan. Since inception, TMI has been known for its product innovation, outstanding customer service and its excellence in design, manufacturing, and systems performance. It specializes in highly customized air handling systems requiring extremely tight tolerances sold into facilities and plants with a wide range of complexity.
“TMI is a terrific fit and an outstanding addition to the MiTek family,” stated Gene Toombs, Chairman and CEO of MiTek. “All Miller family members as well as existing TMI associates will stay with the company. Tom Miller will continue to serve as CEO of TMI, while Matt Miller and Chad Miller will remain as the Presidents of TMI and MSI, respectively. The Company will operate as a separate subsidiary of MiTek,” Toombs stated.
Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held and family-owned businesses. Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs, corporate real estate investment banking services and capital solutions for private businesses. In one emphasis, it has completed a series of assignments with premier building products and services companies in the middle market, such as TMI and Miller-Sage, Inc. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC. For more information, visit CCS’s website at www.citicapitalstrategies.com
TMI, founded in 1982, is based in Holly, Michigan. Over the past 25 years, TMI has produced custom air systems throughout North America. TMI also has an in-house mechanical contracting company unit, Miller-Sage, Inc., that gives it the ability to pre-pipe and install the air-handling systems in its own facilities. TMI is a premier designer, engineer and manufacturer of custom air-handling systems for commercial and institutional buildings. For more information, visit TMI’s website at www.tminc.net.
MiTek, Inc., based in St. Louis, Missouri, has operations on five continents and has been part of Berkshire Hathaway since 2001. For more information, visit MiTek’s website at www.mii.com.
Contacts:
Media Relations, Citi Global Wealth
Management
mark.costiglio@citi.com
