Manufacturing Acquisitions in 2018

BERKS Group, a division of the News‑Press & Gazette Company, completed the acquisition of Swiss‑Tech, LLC. Swiss‑Tech — a precision CNC Swiss machining and contract manufacturer serving medical, aerospace and industrial end markets — will serve as a platform investment and its management team will remain in place as BERKS plans capital investments to support growth.

Allied Motion Technologies Inc. acquired TCI, LLC (doing business as Transcoil), a Germantown, Wisconsin-based designer and manufacturer of power quality and magnetic assembly products. Allied Motion said the deal expands its controlled motion solutions portfolio, enhances manufacturing capabilities and margins, and will help extend TCI's international distribution reach.

Covington Partners LLC has acquired Grand Traverse Plastics Corp., a Williamsburg, Michigan-based designer and manufacturer of engineered plastic assemblies serving automotive under-the-hood and material-handling markets. Angle Advisors served as exclusive advisor to Grand Traverse Plastics on the transaction, which positions Covington to invest in specialized injection-molding and value-added assembly capabilities for automotive and industrial end markets.

Tower Extrusions, Ltd. acquired substantially all assets of Ascend Custom Extrusions LLC from Highlander Partners, L.P., expanding Tower's extrusion capacity in Wylie, Texas. The transaction transfers Ascend's three extrusion presses and finishing capabilities to Tower, broadening its product offering and ability to serve building, transportation, and consumer durables markets.

CPS Performance Materials, a platform created and backed by Arsenal Capital Partners, has acquired FAR Chemical from Edgewater Capital Partners. The add-on acquisition expands CPS's specialty chemistry and cGMP manufacturing capabilities, broadening product offerings and end-market reach into pharmaceuticals, composites/CASE, electronics and personal care; terms were not disclosed.

American Securities LLC has closed its acquisition of CPM Holdings, Inc., a global designer and manufacturer of engineered process equipment for animal feed, oilseed processing, extrusion and thermal processing. The transaction was completed in partnership with CPM's management team; financial terms were not disclosed. CPM, headquartered in Waterloo, Iowa, has more than 1,000 employees and serves a global customer base across North America, Europe, Asia and Latin America.

Harwood Capital’s portfolio company Curtis Gilmour has merged with Pelsis Ltd., a portfolio company of LDC, combining complementary pest-control product lines and global distribution footprints. The consolidated group will be led by Pelsis Group CEO Peter Mangion and continue to operate from existing U.S. and European facilities; financial terms were not disclosed.

Plastivaloire Group has acquired TransNav Corporation, a vertically integrated manufacturer of engineered plastic components and assemblies based in New Baltimore, Michigan. The deal expands Plastivaloire's footprint into the United States and adds three manufacturing sites (Michigan, Kentucky and Puebla, Mexico), strengthening its automotive, retail and industrial product capabilities and taking proforma revenue to nearly €750 million.

Applied Adhesives, a division of Applied Products, Inc., has acquired Prairie Technology Group, a Hutto, Texas-based supplier of epoxy, polyurethane, acrylic adhesives, release agents, silicones and sealants. The buyer said it will build on Prairie’s capabilities and expand its value proposition across the United States and Mexico as part of its recent roll-up activity in the adhesives sector.

MavenHill Capital, a lower middle market private equity firm, has acquired Gasser & Sons, a family-owned precision metalforming and component manufacturing business based in Commack, New York. The transaction transfers ownership from the Gasser family to MavenHill and positions the firm to continue and expand Gasser & Sons' capabilities serving medical, defense, communications and industrial end markets.

Mill Valley-based private equity firm Vopne Capital provided an undisclosed capital investment in Dolphin Machine Inc., a precision-machining manufacturer based in North Las Vegas, Nevada. As part of the transaction, Scott Kelley will become CEO and Vopne managing partner Jim Bloom will join Dolphin Machine’s board while founder Dan DiCello remains president.

ABEO Group has acquired Fun Spot Manufacturing LLC, a Hartwell, Georgia-based designer and manufacturer of equipment for amusement and trampoline parks. The acquisition is intended to strengthen ABEO's footprint in North America and expand its capabilities in the growing "Sportainment" market.

Kimball, a brand unit of Kimball International, signed a definitive agreement to acquire substantially all assets of David Edward, a Baltimore-based contract furniture designer and manufacturer. The asset purchase includes leasing two production facilities and the approximately 170 employees; Kimball said the acquisition will expand its seating and ancillary furniture capabilities and is expected to be accretive over time.

Malibu Boats, Inc. has acquired the assets of Pursuit Boats from S2 Yachts, Inc., adding a leader in the saltwater outboard fishing boat market to Malibu's portfolio. Angle Advisors acted as exclusive advisor to S2 on the divestiture; the Slikkers family will retain ownership of Tiara Yachts under the S2 umbrella.

Visual Communications Company (VCC) has acquired Wilbrecht LEDCO, Inc., a St. Paul, Minnesota-based electronic components manufacturer known for illuminated indicators and LED products. The acquisition expands VCC's product portfolio—adding night-vision compatible panel-mount LEDs, sealed high-IP indicators and high-voltage LED series—and strengthens its offerings to mission-critical industrial, aerospace and military end markets.

Madison Industries has acquired Specified Air Solutions, a multi-branded commercial and industrial HVAC equipment manufacturer headquartered in Grand Rapids, Michigan. The Sterling Group, which launched and built the Specified Air Solutions platform, sold the company to Madison to complement Madison's suite of HVAC and indoor air quality solutions; financial terms were not disclosed.

Dayton Parts, LLC — a portfolio company of AEA Investors LP — has acquired Security Steel Supply Co., a family-owned supplier of 5160H alloy spring steel and automotive leaf spring suspension components based in Kankakee, Illinois. BDO Capital Advisors served as exclusive financial advisor to Security Steel on the transaction, which expands Dayton Parts' product offerings and distribution footprint in the leaf-spring and undercarriage parts market.

Solutionz, Inc., a Fernandez Holdings portfolio company, has acquired Santa Maria-based AV integrator and communications systems manufacturer Quintron Systems, Inc. The deal adds Quintron's manufacturing division, government contracts, new office locations and technical talent to expand Solutionz's federal and audiovisual capabilities.

Blackford Capital, a private equity firm based in Grand Rapids, acquired Hall Research Technologies, a Tustin, California designer and manufacturer of professional A/V hardware and software. Dinan Capital Advisors served as exclusive financial advisor to Hall Research and its shareholders in the majority-control transaction as Blackford looks to expand its lower middle‑market manufacturing portfolio in the Pro AV space.

Dallas-based private equity firm SunTx Capital Partners announced an investment in Anchor Partners, the Dallas holding company for a family of metal manufacturing businesses. The investment will support Anchor's recent acquisition of a provider of proprietary intermodal equipment storage and transportation systems to the U.S. government and position the platform to pursue further add-on acquisitions and scale production; financial terms were not disclosed.

Sage Capital LLC has invested in Check Corporation, a Troy, Michigan-based manufacturer of flexible heating elements, control systems, and related components. The transaction was done in partnership with Check's management (no financial terms disclosed) and was advised by Angle Advisors; Check operates its headquarters and manufacturing facility in Troy with roughly 60 employees.

AGC Inc. (Tokyo) has agreed to acquire the electronics business of US-based Park Electrochemical Corp. for about ¥16 billion. The deal transfers Park's CCL and related printed-circuit materials operations (with manufacturing in the US, Singapore and France) to AGC to strengthen its high-end materials and next-generation high-speed communications product portfolio; Park will retain its aerospace business and remain a US public company.

Eckhart, Inc., an LFM Capital-backed industrial automation and tooling company based in Warren, Michigan, has acquired Eagle Engineering, a custom weld-station and assembly-fixture manufacturer headquartered in Eldridge, Iowa. The acquisition expands Eckhart's manufacturing footprint and capability to deploy Industry 4.0 solutions to Eagle's aerospace, agriculture and heavy construction customers.

Boyne Capital has acquired A.S.A.P. Industries Manufacturing, a Houma, Louisiana-based manufacturer of high-pressure flow control products and provider of BOP repair and recertification services, as a platform investment in its BCM Fund I. The company is API-certified and specializes in large-diameter, high-pressure components for the oil & gas industry; Boyne said it will partner with management to expand manufacturing capabilities and support a recovering energy market.

Excelitas Technologies Corp. has completed the acquisition of Research Electro Optics (REO), a Boulder, Colorado-based manufacturer of high-precision optical components, thin-film coatings, optical subassemblies and HeNe lasers. The deal expands Excelitas' optics and photonics manufacturing capabilities and aims to provide OEM customers and defense prime contractors with a broader, single-source portfolio of high-performance illumination, optical and detection solutions.

Central Wire Industries (CWI), a privately held specialty alloy wire and cable manufacturer, has acquired Loos & Co. Inc., a second-generation family-owned U.S. manufacturer of specialty small-diameter wire, wire rope, cable assemblies and hardware. Loos — with manufacturing operations in Pomfret, Connecticut and Naples, Florida — will join CWI to broaden and diversify CWI's product offerings and end markets. Transaction terms were not disclosed; Carter Morse & Mathias served as exclusive financial advisor to Loos.

The Mendota Group has acquired Debron Industrial Electronics, a Troy, Michigan-based turnkey electronics manufacturer that serves the industrial, automotive, aerospace and energy end markets. Angle Advisors acted as exclusive advisor to Debron; founder and majority shareholder Ron Bernot and other shareholders sold the business while the existing management team will remain to run operations under Mendota's ownership.

Bacharach, a portfolio company of FFL Partners, has acquired Neutronics, Inc., a provider of refrigerant and gas analysis instrumentation. BDO Capital served as exclusive financial advisor to Neutronics and worked with the company's shareholders and management through the sale process; the acquisition expands Bacharach/FFL's capabilities in gas/refrigerant analysis for HVAC-R, automotive and semiconductor end markets.

Allegion plc has agreed to acquire Boulder, Colorado-based access control company ISONAS; the deal is expected to close early in the third quarter of 2018, subject to customary conditions. ISONAS, which generated approximately $6 million in net sales in 2017, will operate within Allegion's Americas region and expand Allegion's portfolio of IP-based access control technologies.

Tramec Sloan LLC, a subsidiary of Tramec LLC, has acquired Fleet Engineers, a Muskegon, Michigan-based manufacturer and distributor of truck and trailer product solutions. The acquisition will operate Fleet Engineers as an autonomous division in Muskegon and expands Tramec Sloan’s product portfolio and manufacturing footprint in the heavy-duty truck and trailer market.

Volex PLC acquired MC Electronics LLC from Nova Capital Management, completing a deal announced in April 2018 and reported in June 2018. MC Electronics, based in Hollister, California with manufacturing in Juarez, Mexico, is a contract manufacturer of custom cables, wire harnesses and electromechanical assemblies for the medical equipment industry; Volex said the acquisition expands its cable assembly capabilities and customer relationships.

PolyOne Corporation acquired PlastiComp, an advanced engineered materials innovator known for long fiber thermoplastic (LFT) composite formulations. The Winona, Minnesota facility and approximately 50 employees join PolyOne’s Specialty Engineered Materials segment to expand its advanced composites capabilities and accelerate commercial and operational investments in LFT technology.

Patrick Industries (NASDAQ: PATK) completed the acquisition of Dowco, Inc., a designer and manufacturer of boat covers, bimini tops, enclosures and marine accessories headquartered in Manitowoc, Wisconsin. Dowco generated approximately $37 million in trailing-12-month revenue through April 2018 and will operate as a stand-alone brand within Patrick's portfolio; the seller was CMW Holding Company.

An affiliate of Blue Wolf Capital Fund IV has acquired a majority stake in TGW (Holdings) Limited, a Sheffield‑founded industrial knife manufacturer with operations in the United Kingdom, United States and India. Blue Wolf said it will partner with TGW's existing management to invest in new products and grow the business while founders Richard Wolstenholme and Jeff Litmer transition oversight to the current management team.

Angstrom Automotive Group LLC has acquired Engineering Tube Specialties, Inc. (ETS), a Tier 1 supplier of steel tubular assemblies based in Ortonville, Michigan. The transaction, advised by Angle Advisors, transfers ownership from ETS President and sole shareholder Bill Brothers to Angstrom to expand Angstrom’s propulsion and tubular-component capabilities within the automotive supply chain.

Source Capital, LLC, a lower middle-market private equity firm, has acquired M&M Refrigeration, LLC, a Federalsburg, Maryland-based designer, manufacturer and servicer of industrial refrigeration systems for cold storage, food processing and other industrial applications. Terms were not disclosed; Source Capital said it will partner with M&M's management to grow the business while honoring the company's core values, and founder Dufferin McConnell commented on the ownership transition.

Tooling Technology Group (a GenNx360 portfolio company) has acquired CTG Holdings, which operates Century Tool & Die and Bel-Kur. CTG was majority owned by First Capital Partners; the add-on bolsters TTG's Class A exterior tooling, secondary tooling and automation capabilities and expands machining capacity and customer access in automotive, heavy truck, aerospace and marine end markets.

Fulcrum Capital Partners, a Canadian private equity firm, has acquired Athletica Sport Systems, a designer, manufacturer and installer of arena infrastructure and dasher board systems based in Waterloo, Ontario. The investment — made by Fulcrum's Private Equity Fund V — is described as a platform investment to support Athletica's next phase of growth and leverage Fulcrum's value-creation capabilities.

H.I.G. Capital portfolio company Dominion Colour Corporation has merged with LANSCO Colors to create a combined global pigment platform serving coatings, plastics and ink manufacturers. The merger brings together DCC's manufacturing footprint and technical centers with LANSCO's U.S. sales network to expand geographic presence (notably North America and Europe) and broaden the combined product portfolio; LANSCO's management will continue with the merged company.

LongWater Opportunities, via its LWO Fund II, has acquired Kalisher, a creator, curator, and manufacturer of art serving the commercial hospitality sector with additional healthcare and corporate clients. The acquisition will leverage Kalisher's print studio and production capabilities in North Carolina to expand its market reach and drive further growth under LongWater's operational guidance.

SloanLED, a Baird Capital portfolio company headquartered in Ventura, California, has acquired Litecorr, a global LED lighting solutions provider. The deal expands SloanLED's product portfolio and global reach, enabling the combined company to offer end-to-end sign and lighting systems across multiple industry verticals.

Private equity firms Cathay Capital, Norwest Mezzanine Partners and ORIX Mezzanine & Private Equity acquired Innovative Office Products, LLC from Corridor Capital. Innovative, based in Easton, Pennsylvania, designs, manufactures and distributes ergonomic office and POS mounting products and will partner with the new investor group to accelerate international growth and expand end-market penetration.

Machinists Inc. acquired all assets of The Gear Works, a Seattle-based precision gear manufacturer and gearbox repair specialist. The acquisition expands Machinists Inc.'s capabilities in major gearbox repair and precision gear machining and doubles its manufacturing space to support larger and more diverse projects.

Zwift, LLC has purchased Milestone Sports, LTD. and assumed the Milestone development team to integrate MilestonePod technology into Zwift’s running platform. 3-21 Capital acted as Milestone’s exclusive financial advisor; the deal brings foot‑pod and treadmill connectivity and advanced running metrics into Zwift’s indoor fitness ecosystem.

Benton Harbor, Michigan–based Midwest Timer Service, Inc. has acquired Carol Stream, Illinois–based Core Components, Inc. The acquisition expands Midwest Timer's product offering into HVAC, controls and electromechanical components and is intended to diversify its end markets and capabilities.

BITZER US, Inc., the Flowery Branch, Georgia subsidiary of the BITZER Group, has acquired VaCom Technologies, Inc., a La Verne, California provider of refrigeration controls, custom control panels, and energy-efficiency consulting. Bravaldo Capital Advisors sourced and advised the transaction. The acquisition expands BITZER’s capabilities by integrating equipment and controls, creates a new West Coast sales channel, and enables replication of these capabilities across North America.

Mill City Capital has acquired HN Precision Company, a precision machining manufacturer headquartered in Lake Bluff, Illinois, from Cerberus Business Finance. HN Precision operates over 175 CNC machines and employs approximately 240 people serving end markets including heavy truck, off-highway vehicles, recreational firearms and rail; Mill City plans to grow the business as a platform and expand its manufacturing capabilities.

Control Devices, LLC (Fenton, Missouri) acquired the assets of Advanced Fuel Components, Inc. (Marshall, Michigan) in an add-on transaction — Control Devices' ninth add-on. The acquisition adds AFC's engineered solenoid valves and filters to Control Devices' product portfolio to expand capabilities and accelerate product introductions to existing customers.

CenterGate Capital, L.P. made an equity investment in AC Photonics, Inc., a Santa Clara-based manufacturer of precision optical and fiber-optic components and modules. Dinan Capital Advisors served as exclusive financial advisor to AC Photonics and its shareholders in the transaction, which provides capital and strategic support to accelerate the company's growth and operations.

Pfingsten announced the merger of its portfolio company Burton Saw and Supply with Simonds International (a portfolio company of Ironwood Manufacturing Fund and Nautic Partners) to create a combined leading producer and marketer of cutting tools, equipment and consumables for the wood processing industry. The combined business will operate under the legacy brands across the United States and Canada with 12 facilities; Pfingsten will retain a significant ownership interest.