(Bloomberg) -- Admiral Capital Group, a private equity and real estate firm co-founded by basketball hall-of-famer David Robinson, has agreed to buy military vehicle repair firm Tecmotiv Corp.
The company has teamed up with investment firm RedNest Partners to buy Tecmotiv for an undisclosed sum, according to a statement Wednesday. Tecmotiv, with operations in Niagara Falls, New York and Concord, Ontario, provides maintenance, modification and repair services to light-armored military vehicles.
“In Tecmotiv, we are investing in a long-time trusted supplier to the U.S. military,” Dan Bassichis, Admiral Capital's co-founder, said in the statement.
Tecmotiv was formed in 1992 after acquiring assets from predecessor Levy Auto Parts, according to its website. Admiral, founded in 2008, raised $123 million in 2015 for its second fund, according to data compiled by Bloomberg.
Robinson already has ties to the military.
He earned the nickname "The Admiral" during his basketball career because he previously served as an officer in the U.S. Navy.
Investment bank Philpott Ball & Werner LLC advised Tecmotiv on the transaction.
To contact the reporter on this story: Kiel Porter in Chicago at kporter17@bloomberg.net
To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks
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