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Clearlake Capital Acquires TEAM Technologies

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SANTA MONICA, Calif. and MORRISTOWN, Tenn., Nov. 15, 2018 /PRNewswire/ -- Clearlake Capital Group, L.P. (together with certain affiliates, "Clearlake") today announced that it has acquired TEAM Technologies Inc. ("TEAM Technologies" or the "Company"), in partnership with Company management, from The Riverside Company. TEAM Technologies is a leading custom design and manufacturing partner to many of the world's leading brands in the dental, medical, and cosmetic industries. Financial terms of the transaction were not disclosed.

www.clearlake.com (PRNewsfoto/Clearlake Capital Group)

Headquartered in Morristown, Tennessee, TEAM Technologies supports its customers across the entire product lifecycle, beginning with in-house design and innovation capabilities, through delivery via its best-in-class, highly automated manufacturing and packaging capabilities. The investment from Clearlake will enable TEAM Technologies to accelerate growth organically by continuing to build on a successful product development pipeline and sales strategy, as well as through acquisitions. Marshall White, President and CEO of TEAM Technologies, will continue to lead the Company.

"TEAM Technologies has long been a trusted innovation partner and a recognized supply chain leader across several highly attractive end markets," said José E. Feliciano, Co-Founder and Managing Partner of Clearlake. "Our investment reflects our confidence in Marshall and his team's ability to continue delivering the highest quality products and solutions to customers, and the unique opportunity to sponsor an attractive platform in a dynamic, but fragmented market."

"We are excited to partner with Clearlake to continue expanding TEAM Technologies' capabilities and delivering innovative solutions to the benefit of our customers and partners. By leveraging Clearlake's substantial resources and sector expertise, we will continue to drive growth through our focus on fostering meaningful and deep partnerships with our customers, executing our growth strategy, and further expanding our powerful product innovation," said Mr. White.

"TEAM Technologies has developed a stellar reputation for innovative product development and unmatched manufacturing capabilities with a high degree of automation and robust quality control systems," added Arta Tabaee, Principal at Clearlake. "We look forward to leveraging our O.P.S.® framework to help TEAM Technologies accelerate its growth trajectory through both organic and acquisition-focused initiatives."

William Blair & Company LLC acted as the exclusive financial advisor to TEAM Technologies and selling shareholders. A fully committed facility to help finance the transaction was provided by credit funds managed by affiliates of Ares Management, L.P. (NYSE:ARES) as well as Northwestern Mutual Capital, who will be acting as lead arrangers and administrative agents.

ABOUT TEAM TECHNOLOGIES

TEAM Technologies is a critical partner in the innovation and design process, from ideation through implementation and delivery to the world's leading brands in the dental, medical and cosmetic industries. TEAM boasts an extensive lineup of manufacturing processes and products designed to service these end markets. With an entrepreneurial mindset and a management team with deep industry experience, TEAM Technologies has experienced tremendous growth over the last 30 years. Modeling the company after its customers' needs, TEAM Technologies emphasizes growth based on its customer growth and seeks to "over-service the customer." TEAM Technologies is based in Morristown, Tennessee. More information is available at www.teamtechinc.net.

ABOUT CLEARLAKE

Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake has managed over $8 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.

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SOURCE Clearlake Capital Group, L.P.

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