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Turnspire Announces Successful Recapitalization of UPG

New York, NY – Turnspire Capital Partners LLC (“Turnspire”) is pleased to announce that its portfolio company UPG Company LLC (“UPG”) has completed a successful recapitalization. The proceeds are being used to repay UPG’s prior domestic debt, provide resources for ongoing investments in product expansion and growth in all of UPG’s geographic and end-markets, and fund a cash distribution to shareholders.

Since carving out UPG from MedPlast, Inc. in 2016, Turnspire and management have transformed UPG from a non-core subsidiary into an independent, growing, best-in-class supplier to its global and diversified customer base. UPG has won new strategic business from market-leading customers across several continents, launched new industry-leading products, and invested in new engineering and manufacturing capabilities while maintaining world-class quality and customer service.

UPG remains conservatively capitalized with Turnspire’s continued support to pursue organic growth initiatives and add-on acquisitions.

Turnspire Managing Partner Ilya Koffman said, “UPG is a great example of Turnspire’s ability to complete complex transactions, dramatically improve businesses and ultimately realize value that others had not recognized. Our close collaboration with management has resulted in UPG’s extraordinary success, and has enabled us to return capital to shareholders while maintaining ample resources to invest in UPG’s continued growth. We thank our lending partners and look forward to working with them. Most importantly, we thank CEO Maurice Murphy and the UPG management team for their hard work and dedication.”

UPG Chief Executive Officer Maurice Murphy added, “This successful refinancing is very gratifying, and a tribute to our team’s excellent accomplishments both before and through the pandemic.It is an exciting time at UPG, with many successes validating our incredible transformation under Turnspire’s ownership, and we look forward to UPG’s continued growth.”

About Turnspire Capital Partners Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions.

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CONTACT: Mark Semer

Gasthalter & Co.

(212) 257-4170


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