Beachwood, Ohio (PRWEB) September 28, 2005
TMW Systems, the premier developer and integrator of enterprise management software for the trucking industry, today announced that it has finalized a definitive agreement to be purchased by Wachovia Capital Partners and Peppertree Capital Management. Terms of the acquisition were not disclosed.
Founded in 1983, TMW has enjoyed more than two decades of sustained growth that has led to eight consecutive years of profitability and record revenue performance. During the past 18 months, the company has added more than 100 new customers, introduced five new products and increased its workforce by 20%. The infusion of new capital will enable TMW to accelerate its growth and the pace of new product introductions.
Tom Weisz, who founded TMW Systems and has served as Chairman, President and CEO, will continue in his role as Chairman. Weisz, widely regarded in industry circles as a pioneer in technology designed specifically for trucking companies, will also continue to provide leadership and vision for TMWÂs future direction.
ÂWith greater access to financial capital, TMW will continue to build upon our legacy of excellence and innovation and solidify our position as the leading provider of technology solutions for trucking companies,Â said Weisz.
The entire TMW management team will remain intact. Ken Thompson, TMWÂs Chief Operating Officer since 1998, will assume the post of President and CEO. Chief Technology Officer Dave Mook, who joined TMW Systems in 1987 as the companyÂs third employee, will take on the added responsibilities of Chief Operating Officer. Jeff Ritter, Chief Financial Officer; Dave Schildmeyer, Sr. VP of Sales; Matt Ruth, VP of Professional Services; Keith Mader, VP of Development; Cindy Nelson, Director of Marketing; Bill Keen, VP of Product Architecture; and Dan Klein, VP and Principal Systems Consultant, will all continue in their management roles.
ÂThe transition of ownership to Wachovia Capital Partners and Peppertree Capital Management will be transparent to our customers, employees and business partners,Â said Thompson. ÂTMW will operate as an independent company with the same culture, people and single-minded focus on improving our customersÂ operations and performance.Â
ÂTMW Systems has consistently demonstrated the sound strategic vision, superior financial performance and management expertise that comprise the formula for long-term success in any market,Â said Walker Simmons, Partner with Wachovia Capital Partners. ÂOur plan is to provide the financial resources needed to accelerate TMWÂs future growth even further and build upon the record performance the company has already achieved. The TMW name, products and mission will not change, and the firm will remain based in Northeast Ohio.Â
ÂOur strategy is to invest in financially sound companies with strong, experienced management teams and excellent brand value, and TMW Systems is a perfect fit,Â said Kevin McGinty, Managing Director of Cleveland-based Peppertree Capital Management. ÂWeÂre especially pleased to invest in what has been one of the fastest-growing companies in Northeast Ohio for more than a decade.Â
TMW was advised by Chicago-based William Blair & Company for the transaction.
About TMW Systems
Founded in 1983, TMW Systems, Inc. is recognized as the premier developer and integrator of enterprise management software designed specifically for the trucking industry. TMWÂs products Â including TMWSuiteTM for WindowsÂ® and TL2000 AS/400 platform Â enable carriers to easily integrate vital real-time data from every facet of their operations into a single system to maximize dispatch efficiency, improve productivity and customer service and enhance profitability. TMWÂs fleet management solutions have contributed to the success of some of North AmericaÂs most respected motor carriers and private fleets. Based in Beachwood, Ohio, TMW currently serves more than 500 customers globally, including North America, Europe, China and Latin America. For more information, visit http://www.tmwsystems.com or call 800/401-6682.
About Wachovia Capital Partners
Wachovia Capital Partners is the principal investing group of Wachovia Corporation, the nation's fourth largest bank holding company with over $500 billion of total assets. Wachovia Capital Partners has invested over $3 billion since its inception in 1988 and currently manages in excess of $800 million of direct investments. For more information, visit http://www.wachoviacapitalpartners.com.
About Peppertree Capital Management
Peppertree Capital Management, Inc. is a private equity fund manager focused on growth equity, recapitalization and buyout opportunities in the media, telecommunications and business services industries. The four managing partners have collectively invested in more than 30 companies in their careers. The firm has offices in Cleveland and Dallas. For more information, visit http://www.peppertreefund.com.