July 15, 2024--OnPoint Group (OnPoint) today announced that it has completed the sale of its material handling fleet management business, TFS Ltd. (TFS), to Southfield Capital (Southfield). The sale of TFS follows OnPoint’s previously announced sale of its power management business, Concentric, which was completed in October 2023. Together with the Concentric sale, the sale of TFS reflects OnPoint’s strategy to focus on its core facility management business through its companies Miner and TrueSource. These companies have deep expertise in the dock and door business and a longstanding commitment to providing distributors, retailers and other commercial properties with the critical facility services they need to boost productivity, maintain safety and drive cost-savings.
Tom Cox, Chief Executive Officer of OnPoint, said: “I am thrilled for the TFS team. They have a unique value proposition, and Southfield is the perfect partner to support them in their next phase of growth. This transaction will further enable OnPoint to focus on its core customers’ needs connected to critical facility services and core dock and door products. This step forward supports that mission as we hone in on what our partners need most from OnPoint when it comes to critical services.”
Financial terms of the agreement are undisclosed. Baird served as lead financial advisor to TFS and OnPoint. White & Case LLP served as legal counsel to TFS and OnPoint.
About OnPoint Group:
OnPoint Group is the only national brand independent service and equipment provider supporting manufacturers, retailers and distributors for all of their critical facility maintenance needs. Divisions include Miner and TrueSource, specializing in docks, doors and other critical facility maintenance needs. Headquartered in Perrysburg, OH, OnPoint Group’s more than 1,800 industry professionals and 40,000 service affiliates support system-wide improvements, total cost control, safety, productivity and risk mitigation through custom engineered solutions and data-driven decisions. For more information, visit www.onpointgroup.com.
https://onpointgroup.com/
