Manufacturing Acquisitions in 2014

Pillsman Partners, Banyan Investment Partners and Pine Street Capital Partners have completed a recapitalization investment in SST Conveyor, the conveyor components division of SST Bearings (Loveland, Ohio). SST Bearings and its shareholders retain a significant ownership stake and will continue operational oversight; the investment is intended to fund growth initiatives and improve service to the company’s material-handling and distribution customers.

Novaria Group, the aerospace investment platform of Rosewood Private Investments and Tailwind Advisors, acquired John Hassall, Inc., a manufacturer of specialty aerospace fasteners. Alderman & Company advised on the sale; terms were not disclosed.

Naples-based Pelican Wire Company has acquired Rubadue Wire of Greeley, Colorado, and will operate the businesses as sister companies under a newly formed Pelican Holdings Group. Rubadue will retain its brand, facility, and management team while the combination is intended to expand product offerings and leverage the strengths of both manufacturing plants.

GenNx360 Capital Partners-supported Salford Group Inc. has acquired BBI Spreaders, a manufacturer of precision dry material applicators serving agriculture, construction and golf markets. The deal adds complementary product lines and geographic reach to Salford’s portfolio, expanding product offerings, dealer networks and engineering collaboration for new product development.

Dobbs Equity Partners completed a recapitalization of The Universal Group Corporation, providing partial liquidity to founders Annik and Nick Smith while the Smiths retain management roles and a meaningful ownership stake. The Universal Group, a distributor of leaf springs and suspension components to truck and trailer OEMs and aftermarket customers, will operate as The Universal Group LLC with capital to support growth and geographic/product expansion.

Pro Mach, Inc. has acquired Benchmark Automation, a manufacturer of specialty material handling and packaging equipment based in Athens, Georgia. The acquisition expands Pro Mach’s material handling capabilities and strengthens its solutions for the food and bakery markets, with Benchmark’s leadership team joining Pro Mach’s Material Handling Group.

P&F Industries, Inc. acquired substantially all assets of Air Tool Service Company (ATSCO) via a newly formed subsidiary, with the business becoming a wholly owned subsidiary of P&F’s Hy‑Tech Machine, Inc. The purchase price was approximately $7.659 million in cash plus assumption of certain payables and liabilities; P&F said the acquisition is expected to be immediately accretive and to bolster Hy‑Tech’s industrial pneumatic tool offering.

H-D Advanced Manufacturing, a holding company backed by The Riverside Company, Hicks Equity Partners and Weinberg Capital Group, has acquired Sungear, Inc., a San Diego-based manufacturer of precision gears for the aerospace industry. The deal is an add-on to H-D's gear products division and aims to expand the platform's capabilities and presence in the aerospace supply chain.

Actuant Corporation (NYSE:ATU) has acquired Kwikee Products Company, a Cottage Grove, Oregon-based maker of actuation and storage systems for the North American recreational vehicle market, in an asset purchase valued at approximately $30 million. Kwikee, which employs about 115 people across Oregon and Indiana and generated roughly $24 million trailing twelve-month sales, will operate within Actuant's Engineered Solutions segment and be combined with Actuant's Power Gear business to capture product and customer synergies.

Capital For Business, Inc. (CFB) completed the acquisition of Whitworth Tool, Inc., a Hardinsburg, Kentucky-based precision parts manufacturer and tool & die service provider. CFB partnered with Northcreek Mezzanine and Diamond States Venture Partners and worked with Whitworth management to close the buyout, adding precision machining and quick-turn tool & die capabilities serving heavy truck, automotive and aerospace end markets.