TriMech

Private Equity Manager (GP)

Case study

About the company

TriMech is a provider of 3D design, engineering and manufacturing solutions in the United States and Canada. The company was founded in 1998 and is headquartered in Virginia, USA, with locations in 15 states across the country and six further locations in Canada.

Investment rationale

• TriMech is one of the few businesses operating at scale in an attractive and growing 3D design and printing market. The global 3D computer-aided design software market is estimated to be c.US$10bn in size, and the 3D design and printing market is estimated to be c.US$14bn in size; both are expected to continue to grow in the coming years as companies utilise 3D software as part of product development.
• TriMech has a diverse customer base with long-standing relationships that provide high recurring revenues through multiple revenue streams. Sentinel Capital Partners (“Sentinel”) sees an opportunity to further diversify the company’s revenue through the acquisition of companies with complementary product offerings.

Our relationship

• Pantheon has a long-term relationship with Sentinel; it is a primary investor in three of Sentinel’s funds and has two advisory board seats with the private equity manager.

Active management and value creation

• Sentinel has worked on multiple investments with a similar profile to TriMech where M&A is a key component of growth.
• The company has made numerous accretive acquisitions in the past 18 months that have broadened its product line. It has continued to identify M&A opportunities to help consolidate the sector and provide cross-selling opportunities across complementary products, and has already completed one acquisition following our investment.