Thompson Street Capital Partners Sells BarcodesInc to Cortec Group
ST. LOUIS (November 6, 2012) — Thompson Street Capital Partners (TSCP) announced that on November 2nd, it sold its majority stake in BarcodesInc of Chicago to Cortec Group Fund V, L.P., an affiliate of Cortec Group, a New York-based private equity firm. Terms of the transaction were not disclosed.
BarcodesInc specializes in barcoding, mobile computing and radio-frequency identification solutions and related technologies. The company employs a unique, technology-enabled platform and has become a leading solutions provider of automatic identification and data tracking products and services in North America.
In mid-2010, Thompson Street acquired a majority stake in BarcodesInc, partnering with management and BarcodesInc’s previous owner, Dixon Midland Company, both of which retained minority interests.
According to Neal Berman, TSCP Managing Director, “BarcodesInc was another very successful investment for us. The company offered an exciting opportunity to combine forces with its dynamic management team and Dixon Midland. We worked with the company on a variety of effective initiatives that helped fuel growth. BarcodesInc is in a great position for continued success.”
“We had worked previously with some of the principals at Thompson Street, so it was natural for us to partner with them on this transaction,” said Paul Furlow, co-president of Dixon Midland Company. “Together with Thompson Street, we have helped strengthen BarcodeInc’s position as a leading critical technology solutions provider for a diverse, growing customer base.”
Said Dan Nettesheim, CEO of BarcodesInc, “Thompson Street proved to be a valuable partner for us, helping us develop and pursue a comprehensive yet focused growth strategy. We’ve enjoyed working with the Thompson Street team and now are eager to continue our success with our new partners at Cortec Group.”
Dixon Midland Company (www.dixonmidland.com) is a private investment firm that acquires and manages growth-oriented companies. The firm strives to invest in a limited number of businesses so that it can spend substantial amounts of time helping each business grow.
Cortec Group (www.cortecgroup.com) was founded in 1984 and acquires high value-added, middle-market distribution, healthcare, consumer, and specialty products and service businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions.