Topps Safety Apparel, Inc. Acquired by Pinnacle Textile Industries

January 2020 – Calder Capital, LLC is pleased to announce that it has represented Topps Safety Apparel (“Topps”) in its successful sale to Pinnacle Textile Industries, LLC (“Pinnacle Textile”). Topps Safety Apparel, based in Rochester, IN, is a leading designer and manufacturer of public safety and flame resistant industrial apparel.

Headquartered in Rochester, IN, Topps offers a complete range of premium flame-resistant and public safety garments, including NOMEX® garments, wildland fire fighting, extrication suits, EMS gear, squad suits, tactical wear, lined coveralls, and uniform suits. The products are manufactured out of the company’s Edmonton, KY plant and are sold through a network of distributors and garment rental companies. The distributors sell into several markets including oil and gas, petrochemical plants, gas and electric utility providers, and wildland fire fighting.

Topps Safety Apparel was originally founded by the Elin brothers in 1938 as Toppmaster. In the 1990s, Topps became one of the first manufacturers to attain (UL) certification of compliance with NFPA standards.

Alan Dorrell, president and CEO, purchased Topps through BTQ, Inc., the US Division of BTQ Group, a United Kingdom-based holding company of entities that specialize in protective clothing for people at work. While Alan has thoroughly enjoyed managing the company over the past two decades, he engaged Calder Capital, LLC to help him sell Topps as he nears retirement.

Alan commented, “I have truly enjoyed my time leading Topps Safety Apparel. Pinnacle Textile is an impressive organization and I am pleased with the outcome of this transaction. I look forward to watching the company’s continued success under new leadership. Calder served as a trusted advisor throughout the transaction, with their team working tirelessly to design the right process. Calder sourced the buyer and I appreciated their thoughtful advice and guidance.”

The acquirer, King of Prussia, PA-based Pinnacle Textile, is a leading manufacturer of service apparel, aprons, and napery dedicated to servicing the rental and hospitality markets. Utilizing a global supply chain for efficiency and cost-effectiveness, Pinnacle Textile’s product offering includes an extensive collection of kitchen, linen, industrial, and medical merchandise. Pinnacle Textile serves linen and industrial rental, large public and private restaurant and hospitality companies, and other large buyers of image uniform programs.

Pinnacle plans to continue the Topps brand as its fire resistant safety brand. It will also complement Pinnacle’s industrial work clothing brand, Pinnacle Worx. 

Patrick Methven, Pinnacle’s president and founder commented, “The acquisition of the Topps Safety brand fulfills our goal of entry into the safety uniform category, expanding our customer base to include distributors focused on the oil/gas and utility end-user sectors while at the same time expanding our product offering to our existing customer base. Topps’ attention to detail and quality are hallmarks of the brand. Pinnacle fully expects to build upon as well as to provide a deeper, off the shelf inventory for the quick shipment of the most popular styles and sizes, something Pinnacle Textile is well known for.”

Calder Capital represented Topps Safety Apparel as its exclusive Mergers and Acquisitions Advisory firm. Matt Baas and Max Friar served as the lead advisors to Topps.

Matt commented, “We are thrilled to have worked with Topps and Pinnacle on a successful transaction. Topps has built strong brand recognition through its long, rich history of supplying quality fire resistant products. Pinnacle is a superb partner to help grow the Topps brand in the coming years and we look forward to watching the company further establish its position as a leader in the fire-resistant apparel space.”

Calder Capital acted as the exclusive financial advisor to Topps Safety Apparel. This included providing advisory expertise and managing the marketing, negotiation, and due diligence phases of the transaction. The terms of the transaction were not disclosed.

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