TPI is a customer-focused, regional chemical distributor headquartered in Cleveland, Ohio. Tom Perovsek will remain president of TPI, a role he has held since 2001.

Growth was driven by strategic equipment purchases, fleet diversification, operational improvements, geographic expansion to Kenosha and increasing market share.

In this role, Kuborn will assist with new investment analysis, financial modeling, transaction due diligence and portfolio company support and analysis.

Borgman Capital sold Material Handling Holdings, LLC (“MHH”) to Ballymore Company, Inc. a portfolio company of Graycliff Partners LP, after a five-year hold period.

The portfolio of five industrial manufacturing and warehouse buildings totals approximately 478,000 square feet. MGS Manufacturing occupies four of the five properties in Germantown and Menomonee Falls, Wisconsin.

Ben Axelrod, a veteran mergers and acquisitions advisor, has joined the firm as a managing director to initiate the firm’s presence in the Minneapolis-St. Paul area.

Brent Adam was promoted to managing director and partner, and Matthew Pikus to senior associate. The promotions were effective January 1, 2023.

Kemp Collings has joined the organization as vice president – Real Estate, with responsibility for sourcing and executing real estate acquisitions.

Borgman Capital acquired Minnesota Tile and Stone (MTS). The company will merge with portfolio company K.G. Stevens. Borgman Capital also announced that Jason Gaare has been named K.G. Stevens president.