Washington, DC (June 17, 2025) – HCI Equity Partners (“HCI”), a leading lower-middle-market private equity firm, is pleased to announce the sale of its portfolio company TSM Corporation (“TSM”) to Walor North America Inc., a subsidiary of FerrAl United and ultimately owned by Mutares SE & Co. KGaA. Financial terms were not disclosed.
TSM is a U.S.-based manufacturer of complex, close-tolerance steel and aluminum components and value-added assemblies for blue-chip automotive OEMs and Tier 1 suppliers. Headquartered in Auburn Hills, Michigan, with an additional production facility in Ramos Arizpe, Mexico, the Company employs approximately 240 people and generated approximately $120 million in revenue in 2024.
Dan Dickinson, Executive Chairman at HCI, commented, “We have had the privilege of working with the TSM management team for the past 8 years. Together we invested in talent, technology and capacity, positioning TSM as a trusted supplier to the world’s leading automotive customers. We are confident that Walor and the broader FerrAl United organization will continue to build on this foundation in the Company’s next chapter.”
Donnelly Penman & Partners served as financial advisor and Greenberg Traurig, LLP served as the legal advisor to TSM and HCI.
About HCI Equity Partners
Based in Washington, DC, HCI is a lower middle market private equity firm focused on driving transformational growth of distributors, manufacturers, and technician-based service companies that serve large, stable, fragmented industries. HCI typically partners with family- and founder-owned businesses and supports management teams in this journey. Its investment professionals provide strategy, finance, and M&A support; its in-house operations team provides functional expertise to drive profitable organic growth; and its outside advisors provide relevant industry expertise and relationships. For more information, please visit www.hciequity.com.
About TSM Corporation
TSM manufactures precision machined steel and aluminum components and assemblies for automotive applications from its facilities in Auburn Hills, MI, and Ramos Arizpe, Mexico. Key products include chassis and suspension components, tow hooks, and engine and power-train parts.