Torginol sold to NYC private equity firm
The company has nearly 200 employees
SHEBOYGAN — GreyLion, a leading private equity firm located in New York City, has purchased Sheboygan-based Torginol, a manufacturer and marketer of decorative flakes, quartz and other products that enhance the aesthetic and ergonomic qualities of resinous flooring systems in both residential and commercial applications.
Torginol’s owner for the past 24 years, Tom Testwuide Jr, will retire. The company’s CEO, Jason LaBouve, will remain. The firm’s equity investment will help Torginol further scale various components of its business, including expanding sales and marketing initiatives, accelerating new product development, and enhancing manufacturing technology according to Jody Shechtman, a partner with the firm.
Torginol was founded in 1961 with the vision of pioneering the resinous performance flooring market throughout the United States. Since then, the company has evolved to exclusively focus on engineering materials that enhance the aesthetic and ergonomic qualities of various environments. Torginol’s materials combine design and function to provide optimal utility to commercial, industrial, institutional and residential surfaces throughout the world. The company strives to inspire designers, architects, builders and homeowners with the innovative patterns and textures produced by its materials.
“It has been an honor and a privilege to work alongside my talented colleagues to help grow Torginol into the industry leader it has become over the past two decades,” said LaBouve. “GreyLion’s deep expertise, outstanding team and transparent process make them the perfect fit to serve as a long-term partner.”
Torginol has sold its Sheboygan facilities for more than $27.5 million to Fundamental Income, a real estate company based in Phoenix, Arizona.
“We are delighted to welcome Torginol into our family of portfolio companies,” said Santiago Núñez, Partner at GreyLion. “Tom, Jason and the entire management team have done an exceptional job scaling the company’s operations and product offerings while creating a highly profitable business that we believe has significant opportunities for growth.”
GreyLion focuses on investing in high-growth businesses in the lower middle market. The firm’s partners have spent nearly two decades executing a consistent strategy of investing between $25 and $125 million of capital per investment, primarily within the United States. They currently manage private equity funds with aggregate commitments of approximately $2.0 billion.
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