TPI closes on $22M in equity financing

WARREN – TPI Composites Inc. has closed on a $22 million round of Series A Convertible Preferred equity financing with new and existing investors.
Lead investor NGP Energy Technology Partners LP of Washington, D.C., was joined by the Los Angeles-based Angeleno Group and return investor Landmark Growth Capital Partners.
“We believe the energy experience of NGP and Angeleno Group, combined with the valued perspective of our existing investor Landmark Growth Capital Partners LLC, will serve TPI well at this important time in the life of our company,” TPI President and CEO Steven C. Lockard said in a statement. “We expect our wind business to continue its dramatic growth in North America and China over the next couple of years. We are gaining significant traction in our military and transportation businesses as well. Each of our markets will benefit from the Series A growth capital.”
As part of the agreement, NPG managing partner Philip Deutch, who will join the TPI board of directors.
“TPI is an exciting company with a strong management team and a proven ability to produce high-quality, large-scale composite structures in volume,” Deutch said in a statement. “TPI’s reputation in the marketplace, combined with its blue chip customer base and compelling business model make it an attractive investment.”
Paul Govaccini, TPI’s chairman and a principal in Landmark Partners, said the Warren company “has made great strides since we teamed up with management to acquire the company in 2004.”
Added David Weiss, a managing partner of Angeleno Group, “Its people and their innovative spirit, combined with advanced technology and world-class factories, will allow TPI to become a significant force in the manufacture of composite products.”
TPI Composites Inc. of Warren is a manufacturer of large-scale composite structures for the wind-energy, transportation and military-vehicle markets. Additional information is available at www.tpicomposites.com.
To learn more about its investors, visit www.ngpetp.com, www.angelenogroup.com or www.landmarkpartners.com.

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