Tower Arch Capital Announces Partnership with Miller Industries

SALT LAKE CITY, Sept. 12, 2024 /PRNewswire/ -- Tower Arch Capital is pleased to announce that it has partnered with the Miller family and recapitalized Miller Industries Holdings ("Miller" or "Miller Industries").

Established in 2014 and headquartered in Fenton, MI, Miller Industries is a leading designer and manufacturer of highly engineered custom modular systems, including air handling units, central utility plants, electrical substations, and other specialty steel fabricated products. Miller serves the needs of blue-chip customers across a diversified set of end markets, primarily electric vehicles, data centers, and semiconductors. The company has a strong history of innovation and the highest-quality solutions, working directly with customers and general contractors to improve project delivery and performance.

Matt Miller, Co-CEO, stated, "We are very pleased to partner with Tower Arch Capital to support this next phase of our growth and expansion. Miller has quickly grown to become a mission-critical partner to our customers as they build and expand new facilities, and we remain committed to providing exceptional solutions to each of our customers."

"We are very proud of our team and want to thank them for their hard work and dedication in building this great company," said Chad Miller, Co-CEO. "We believe our partnership with Tower Arch will enable us to accelerate our growth, expand our production footprint, and broaden our value proposition for the end markets we serve. Tower Arch's expertise and resources will be invaluable as we capitalize on the considerable runway ahead of us."

David Topham, Partner at Tower Arch Capital, said, "We are thrilled to partner with Matt, Chad, and the entire Miller family. Miller Industries' differentiated and customized product offering has created immense value for its customers. The company is on the leading edge of a massive shift towards modular, off-site manufacturing, and we look forward to providing the Miller team support to capitalize on these market tailwinds and expand operations to achieve their next phase of growth."

"This partnership is a continuation of Tower Arch's history of partnering with exceptional family-owned businesses," added David Calder, Partner at Tower Arch Capital. "Our partnership with Miller Industries will enable them to capture new opportunities and further solidify their position as a leading provider of modular building systems. Notably, the Miller family has re-invested alongside Tower Arch in this partnership, accelerating our work together to achieve our shared vision."

Terms of the transaction were undisclosed. Financing for the transaction was provided by Bank of America, Truist Bank, First Citizens, and Huntington Bank. Advisors for Tower Arch Capital included Gibson, Dunn & Crutcher LLP and BDO USA, LLP. Advisors for Miller included Greenwich Capital Group, Honigman LLP, Crowe LLP, and UHY LLP.

About Miller Industries

Miller Industries is a Fenton, MI-based leading designer and manufacturer of highly engineered custom modular solutions, mission-critical utility equipment, and other specialty steel fabricated products. Miller's product offering includes air handling units, electrical substations, and central utility plants, serving blue-chip customers across electric vehicle, automotive, data center, and semiconductor end markets, and has been a trusted partner to its customers for over 10 years. For more information, please visit www.millc.com.

About Tower Arch Capital

Headquartered in Salt Lake City, UT, Tower Arch Capital is a growth-oriented middle market private equity firm. Tower Arch seeks to partner with high-quality family- and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to companies to help them improve their operations, scale, and grow. Target investments include control positions in businesses with EBITDA between $5 million and $30 million. For more information, please visit www.towerarch.com.

SOURCE Tower Arch Capital