Wincove Exits its Investment in Rhino Tool House, LLC

Boston, MA – Wincove Private Holdings, LP (“Wincove”) announced that it exited its investment in Rhino Tool House, LLC (the “Company”), via a sale of the Company to Blue Sea Capital, LLC. Terms of the transaction were not disclosed.

Rhino Tool House provides customized assembly tools and material handling solutions to OEMs with manufacturing operations in a wide range of end markets. The Company, based in Concord, N.C., serves its U.S. customer base out of eleven facilities across the Midwest, Southeast, and Northeast. The Company is led by CEO Dan Brooks and President of Distribution Chip Paulsen, two highly respected and experienced executives.

Wincove initially acquired a majority interest in Rhino Assembly, LLC in 2017, and later acquired a majority interest in Milwaukee-based Tool House in 2018, with a large equity participation from both ownership groups, creating an industry-leading platform. During Wincove’s investment period and under Brooks’ and Paulsen’s leadership, Rhino Tool House expanded the Company’s management team and completed eight add-on acquisitions, while maintaining a customer-focused, value-added approach to servicing major U.S. manufacturers.

Brooks stated, “We are incredibly proud of our team and the values-based culture we’ve built at Rhino Tool House. Wincove has been an excellent partner to us as we built our business over the past six years, and we are excited to partner with Blue Sea for our next phase of growth.”

Michael McGovern, a partner at Wincove Private Holdings added, “Rhino Tool House has established itself as a leader in assembly-line-focused distribution by continuing to offer best-in-class service to its customers. We are proud of the company that Rhino Tool House has become under Dan and Chip’s leadership and wish the Rhino Tool House team, as well as Blue Sea, much continued success.”

“Dan, Chip, and the entire team have done a tremendous job growing the Company and positioning it for future success,” said Eric Hansen, a Blue Sea Capital partner. “We are thrilled to partner with such an outstanding team and look forward to leveraging our expertise and resources to support Rhino Tool House.”

Raymond James acted as financial advisor and Husch Blackwell acted as legal counsel to Wincove Private Holdings and the Company. Lincoln International acted as financial advisor and Kirkland & Ellis acted as legal counsel to Blue Sea Capital.

About Rhino Tool House

The Rhino Tool House platform was created with the 2018 merger of Rhino Assembly and The Tool House. Rhino Tool House’s mission is to be the leading customer-focused power tool distributor, integrator, and manufacturing partner with scale to deliver customized engineering solutions and local, hands-on support across the entire U.S. The Company provides superior services, local expertise, and a high degree of responsiveness to empower its customers to be more productive, build better quality products and maintain safe environments for their employees.

About Wincove Private Holdings

Wincove Private Holdings is an investment company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs, and management teams to build market-leading companies. Based in in Boston, Wincove has a permanent capital base, and can stay invested in its partner companies for an unlimited time. For more information about Wincove, please visit www.wincove.com.

About Blue Sea Capital

Blue Sea Capital (www.blueseacapital.com) is a private equity firm based in West Palm Beach, Florida, that invests in growth-oriented lower middle market companies with EBITDA of up to $30 million. The firm has over $1.3 billion in committed capital and invests across three industry verticals: aerospace & defense, healthcare and industrial growth. Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.