Wilmington-based Investment Firm Acquires Leland Company
Posted March 4, 2025
A Wilmington-based investment firm announced Tuesday its first local acquisition.
Tidewater Investment Co. bought Technical Coating International Inc. (TCI) in Leland, according to a news release. The financial details of the acquisition, completed in February, were not disclosed.
The release stated TCI is Tidewater’s first investment in the Wilmington area since its inception in 2016. Established in 1992, Technical Coating International is a contract coater/laminator of roll-based goods (products manufactured on a roll). According to its website, TCI can coat, laminate, lacquer, print, slit and sheet substrates such as plastic films, papers, knits, vinyls, foils and more.
Officials said in the release that TCI currently is “a leading provider of coatings and laminations for window fashion fabrics, with long-time relationships in the sector,” but they believe the company can branch out.
“While window fashion fabrics will continue to be an important focus for TCI, the Tidewater team sees opportunities for further expansion and penetration into other sectors as well, such as food and beverage packaging, military applications, upholstery fabrics, tents, awnings and various outdoor coverings,” the release stated.
Tidewater Investment has no immediate plans to make major changes at TCI, said W. Merrette Moore, managing partner at Tidewater.
“Other than the existing majority ownership transitioning out of the company post-transaction, the core leadership team of sales, product development, floor operations and the back office will remain intact,” the release stated.
One of the firm’s operating partners, Bill Brinkley, will be assuming the duties of CEO of Technical Coating, according to the release.
Brinkley brings over 30 years of business experience to this role, including most recently serving as chief operating officer for Connected Investors, a Wilmington-based fintech company “that had a successful exit to a major industry player in 2021,” the release stated.
“When Merrette and the Tidewater team approached me about the prospect of running Technical Coating International, I was quickly convinced that it would be an excellent opportunity for me,” Brinkley stated in the release. “I am grateful to step into leadership of a company that has both a successful operating history as well as considerable prospects for future growth. I look forward to working with the existing TCI Team, along with continuing our strong relationships with customers, suppliers and partners, while seeking out new opportunities to enhance overall company value.”
He said he anticipates being able to accomplish the goal of TCI expanding to include different lines alongside window fashion fabrics.
“The company already has customers in other verticals that are ripe for us to increase our market share,” Brinkley stated in the release. “We are confident that we can efficiently scale production capacity to a level that will enable us to grow both the top and bottom lines of the overall business.”
In addition to Brinkley taking on the role of CEO, Tidewater plans “to augment the core TCI team with advisors and board members with relevant expertise,” according to the release. “These individuals will be revealed at a later date, once agreements with each are finalized,” the release stated.
“Through our due diligence process, it became clear to us that TCI has a solid core team with several very capable employees. But for us to grow the business and enhance company value, we could tap into our unique network to build on what’s already in place,” Moore stated in the release. “We are confident that we can successfully maintain what we have, while expanding our industry footprint.”