Manufacturing Acquisitions in 2019

Sea Lion Corporation, an Alaska Native Village Corporation based in Hooper Bay, acquired Proto Technologies, a Liberty Lake, Washington-based prototyping and low-volume manufacturing firm that provides machining, 3D printing and urethane casting services. The deal was announced by ACT Capital Advisors, which represented Proto Technologies in the sale.

Sigma Electric Manufacturing Corp., a portfolio company of Argand Partners, has acquired Tooling Dynamics, a York, Pennsylvania-based manufacturer of high-volume precision metal stampings and Swiss screw machining. The acquisition expands Sigma's precision metal capabilities and North American manufacturing footprint, bringing Tooling Dynamics' thin-gauge, tight-tolerance expertise into Sigma's global offering.

Sentinel Capital Partners has acquired ECM Industries, a New Berlin, Wisconsin-based manufacturer and supplier of branded electrical products (including Gardner Bender, King Innovation and Bergen) from Genstar Capital. Terms were not disclosed; Sentinel said it will partner with ECM management to build an electrical-products platform and pursue multiyear growth across core markets and adjacencies.

Abracon, LLC has acquired ILSI America LLC and its brands ILSI, MMD, Ecliptek and Oscilent, expanding Abracon's timing and frequency control product portfolio. The deal was executed as an add-on to the Riverside Company’s Abracon platform to broaden product categories, sales channels and customer reach in timing, synchronization and RF end markets.

Maysteel Industries, a Littlejohn Capital portfolio company, and Porter's Group, a Resilience Capital Partners portfolio company, have merged and will operate under the Maysteel brand. The combined custom sheet metal fabricator will have six manufacturing locations across the U.S. and Mexico and employ more than 1,000 people; both Littlejohn Capital and Resilience Capital Partners remain equity owners.

Strength Capital Partners has made an investment in CALco Pallet Company, a vertically integrated wooden pallet manufacturer headquartered in Richmond, Illinois. Midwest Mezzanine participated with subordinated debt and equity and financing partners included Byline Bank and Northcreek Mezzanine; the deal establishes CALco as a PE-backed platform for Strength's buy-and-build consolidation strategy with founders Matt and Greg Calhoun remaining in leadership.

Champlain Capital Partners has acquired FireKing International, a New Albany, Indiana-based manufacturer of fireproof and impact-resistant file cabinets, safes and document storage systems. Midwest Mezzanine provided subordinated debt and equity financing to support the transaction.

Presco Polymers, a Sherman, Texas portfolio company of River Associates Investments, acquired Pro-Line Safety Products, a West Chicago manufacturer and distributor of utility marking products, on December 19, 2019. The deal expands Presco's product offering and manufacturing capacity—adding tracer wire, flexographic printing and tape converting capabilities to serve the underground utility and utility contracting markets.

BJG Electronics Group, a Rockwood Equity Partners portfolio company based in Ronkonkoma, New York, has acquired Whitmor/Wirenetics, a Valencia, California-based supplier of high-performance wire, cable and tubing to the military, aerospace and satellite industries. The purchase expands BJG's mil-aero interconnect product offering and geographic reach; Rick Flora was named CEO of the BJG Electronics Group in conjunction with the transaction.

Elysian Capital has acquired a majority stake in Mergon Group, a Castlepollard, Ireland-based plastics moulding specialist, while the Beirne family retains a substantial minority ownership. The investment will fund an ambitious growth plan — including international expansion (notably China) and product diversification — with Mergon targeting 50% revenue growth over the next three years.

Focusrite plc has acquired high-performance loudspeaker manufacturer Martin Audio from private equity owner LDC in a £39.2 million transaction. The acquisition will see Martin Audio operate as an autonomous subsidiary of Focusrite, supporting international growth and extending Focusrite’s product portfolio in the professional audio and commercial installation markets.

SFW Capital Partners completed a strategic recapitalization of Micromeritics Instrument Corporation, partnering with Micromeritics President Preston Hendrix and his family, who will remain significant shareholders. The deal brings SFW resources and leadership (Terry Kelly named CEO) to support product development, sales and service expansion, and pursuit of strategic add-on acquisitions.

VIRTEX Enterprises, an electronic manufacturing services (EMS) company backed by Insight Equity, acquired a majority of the assets of Precision Technology, Inc. (PTI), a single-facility EMS provider in Plano, Texas. The add-on expands VIRTEX's NPI, ultra-low-volume and flex/rigid-flex assembly capabilities and strengthens its presence in the Texas aerospace and defense corridor.

KDC/ONE, a Cornell Capital-backed custom formulator and manufacturer, entered into a definitive agreement to combine with HCT Group to create an integrated global provider of manufacturing and packaging solutions for the beauty and personal care industry. The transaction brings together complementary capabilities in formulation, design, manufacturing, filling and logistics, with existing ownership (Cornell Capital, CDPQ, Investissement Québec, HarbourVest) reinvesting alongside HCT management; specific financial terms were not disclosed.

Novo Holdings A/S made a multimillion-dollar, double-digit equity investment in US-based bioMASON to help commercialize its bacteria-grown biocement masonry products. As part of the deal Anders Spohr of Novo Holdings will join bioMASON's board as the company scales its sustainable concrete alternative for construction and infrastructure markets.

PLZ Aeroscience Corporation has acquired Liquid Technologies, Inc. from Frontenac Company. The deal expands PLZ’s personal care formulation and manufacturing capabilities and creates a broader national footprint for turnkey product development, formulation, filling and packaging services; financial terms were not disclosed.

Main Street Capital Holdings, LLC created a new precision metal manufacturing platform, Compass Precision, LLC, by acquiring Quality Products & Machine, LLC, Advanced Machining & Tooling, LLC, and Tri-Tec Industries Inc. All three acquired companies are based in the Charlotte, North Carolina area; Compass Precision will consolidate capabilities (machining, EDM, fabrication, assembly and test) to serve aerospace & defense, medical and industrial customers and pursue further add-on acquisitions.

Norwest Equity Partners (NEP), together with the Clover Imaging Group executive leadership team, acquired Clover Imaging Group from 4L Holdings (the Clover Technologies Group) in a transaction that closed on December 16, 2019. Clover Imaging, a global remanufacturer and collector of printer cartridges headquartered in Chicago with ~5,000 employees, will operate as an independent standalone company under NEP ownership to pursue growth and expansion opportunities.

Ardian has agreed to acquire UK-headquartered Audiotonix, a designer and manufacturer of professional audio mixing consoles, from private equity firm Astorg. Management and Astorg will reinvest in the business; the deal (c. 550 employees) is expected to close in Q1 2020 and will support expansion of Audiotonix's brands and product portfolio.

3SI Security Systems has acquired CovertTrack, an Arizona-based developer of GPS tracking and covert surveillance equipment and services for law enforcement. The acquisition strengthens 3SI’s law enforcement division by adding CovertTrack’s technical surveillance products, customer relationships, and engineering capabilities to 3SI’s asset-protection and GPS tracking offerings.

Chicago-based UPG Enterprises LLC acquired Metalex, LLC — a North American manufacturer of perforated products, expanded metal, safety grating and related rail products — including its Morton Rail Products division. The deal adds product capabilities, two advanced facilities (including a site in San Luis Potosí, Mexico) and is intended to expand UPG's vertical integration, market access and manufacturing footprint.

Arcline Investment Management signed a definitive agreement to acquire Fairbanks Morse from EnPro Industries for $450 million. Fairbanks Morse is a long-established U.S. manufacturer of heavy-duty, medium-speed reciprocating engines serving naval, coast guard and power-generation customers; Arcline said it will invest to grow the business and its aftermarket services.

Funds advised by Bregal Unternehmerkapital have acquired a majority stake in EA Elektro-Automatik GmbH & Co. KG as part of a succession plan. The investment is intended to support the company’s continued growth — including expanded US and Asian presence, new product development, and increased production capacity at its Viersen headquarters.

CVF Capital Partners has acquired Gary Platt Manufacturing alongside the company's management team. Gary Platt, a Reno/Sparks, Nevada-based manufacturer of casino seating since 1996, will partner with CVF to pursue growth opportunities driven by expansion in the commercial gaming and sports betting markets.

The Sterling Group, a Houston-based private equity firm, announced an investment in Bad Boy, Inc., a Batesville, Arkansas manufacturer of high-performance zero-turn riding lawn mowers. The deal partners Sterling with founder Phil Pulley to support Bad Boy's continued growth and expansion of its dealer and retail distribution.

FineLine Technologies, a provider of barcoded and RFID-integrated labels and tickets, has acquired Consolidated Printing, Inc. (CPI), a leading North American ticket manufacturer serving professional and collegiate sports and major entertainment venues. The deal—announced by FineLine's PE backers (L Squared Capital Partners and referenced growth investor Summit Partners)—extends FineLine's capabilities into event ticketing and RFID-enabled smart tickets as an add-on to its platform.

Fort Worth-based Novaria Group has acquired Long-Lok, LLC, a manufacturer of self-locking and self-sealing fasteners with operations in Cincinnati, Ohio and Carson, California. The acquisition expands Novaria's portfolio of proprietary aerospace fastening products and strengthens its offerings to aerospace and defense OEM customers.

Nielsen-Kellerman Co., a Clearview Capital-backed portfolio company, has completed the add-on acquisition of Ambient Weather, a Chandler, Arizona-based designer and marketer of weather stations and a cloud-based weather platform. The deal (closed December 6, 2019) adds fixed weather station hardware and a feature-rich cloud dashboard (API, IFTTT, Amazon Alexa and Google Home integrations) to NK's Kestrel instrument product suite to expand product capabilities and address both consumer and professional markets.

IN Groupe completed the acquisition of Surys on December 9, 2019. The deal, announced in August 2019, brings Surys' optical document-security and authentication capabilities into IN Groupe to form a leading international player in identity and payment security; sellers included founder Hugues Souparis (via Enowe) and private equity firm Abenex.

Blue Point Capital Partners announced the acquisition of Mattco Forge, Inc., a Paramount, California-based designer and manufacturer of engineered forged metal products serving the aerospace & defense industry. Blue Point said it will partner with management to expand Mattco's production capabilities, improve supply chain management and enhance business infrastructure as a Blue Point IV platform investment.

Germany-based RENA Technologies GmbH, backed by private equity firm Equistone Partners Europe, has acquired US-based MEI LLC (Albany, Oregon) to strengthen its semiconductor wet-chemical processing capabilities and expand its presence in the US market. The deal combines complementary product portfolios and service organizations to offer end-to-end wet-chemical process solutions across semiconductor, MEMS and SiC processing applications.

International Wire Group (IWG) has acquired Owl Wire and Cable from Marmon Holdings, Inc. The transaction adds Owl’s high-volume bare and tinned copper wire manufacturing operations in Canastota, Rome and Boonville, New York to IWG’s U.S. and European manufacturing footprint, expanding IWG’s product capabilities and capacity to serve industrial, electronics, aerospace and automotive end markets.

CORE Industrial Partners’ portfolio company Midwest Composite Technologies (MCT) has acquired ICOMold, a digital manufacturer specializing in injection molding and CNC machining headquartered in Toledo, Ohio. The add-on expands MCT’s traditional and additive manufacturing capabilities alongside its recent FATHOM acquisition to create a larger on‑demand digital manufacturing platform; financial terms were not disclosed.

Makers Forward, LLC acquired the assets of New Hampshire Industries, Inc. and Phoenix Distribution and consolidated operations into NHI Mechanical Motion, LLC. The acquisition preserves existing management and employees and aims to strengthen the company's manufacturing and distribution capabilities serving outdoor power equipment, material handling, agricultural and other industrial end markets.

TRUE Sports, a Lincolnshire Management–backed portfolio company, has acquired Aerotech Golf, maker of the SteelFiber composite golf shaft line. The bolt-on expands TRUE Sports' product portfolio and capabilities in multi-material shaft design and distribution, further consolidating its position as a global leader in golf shaft manufacturing.

Protective Industrial Products, Inc. (PIP), headquartered in Latham, New York, has acquired the assets of the Boss Glove and Safety business from Boss Manufacturing Company of Kewanee, Illinois. PIP will integrate Boss's consumer glove and safety product lines into its West Chester retail division and expects the acquisition to expand its product portfolio and strengthen distribution to dealers, retailers and distributors.

PAI Partners and KIRKBI A/S have agreed to acquire Armacell from private equity funds managed by Blackstone, with PAI becoming the majority shareholder and KIRKBI increasing its stake to a significant minority. Armacell is a Luxembourg-headquartered manufacturer of flexible and engineered foams with 24 manufacturing facilities and over 3,000 employees; CEO Patrick Mathieu will remain in place. Terms are confidential and subject to regulatory approvals, and the buyers plan to support Armacell's growth, product innovation and global expansion.

Salt Creek Capital has acquired Pacific Shoring, a Santa Rosa, California-based manufacturer of aluminum trench shoring and safety equipment, with lower-middle-market private equity firm Huron Capital making a non-control (Flex Equity) investment alongside Salt Creek. Pacific Shoring founder and CEO Bob Pitts is retiring as part of the transaction and Salt Creek partner Bruce Russell will serve as incoming CEO to lead the company's next phase of growth.

St. Louis-based private equity firm WILsquare Capital has completed the acquisition of Versare Solutions, LLC, a Minneapolis manufacturer and e-commerce marketer of portable room partitions, privacy screens, workstations and acoustical products. Financial terms were not disclosed; WILsquare said it will support Versare’s investments to expand capabilities, product development and digital/e-commerce growth.

Monomoy Capital Partners has acquired Sportech, Inc., a Minnesota-based designer and manufacturer of cab components and thermoformed plastic assemblies for powersports, golf & turf, industrial and agriculture OEMs. Sportech operates three facilities in Minnesota and employs about 325 people; Monomoy said it will partner with management to drive continued operational and financial improvement.

Laguna Tools, Inc. has completed the acquisition of Dake Corporation from parent company JSJ Corporation. The purchase expands Laguna's metalworking product line—adding Dake's presses, bandsaws, and other machine tools—and extends Laguna's manufacturing footprint into Michigan.

Gowanda Components Group (GCG) has acquired RCD Components, a Manchester, New Hampshire-based manufacturer of resistors, capacitors, coils and delay lines serving commercial, military and aerospace markets. The deal expands GCG's passive component product breadth and manufacturing capabilities; terms were not disclosed and RCD will continue operating from its Manchester facility with additional support sites in the Caribbean and Asia.

Rockwell American, a subsidiary of DexKo Global Inc., acquired Fenders N' More from C. Wolfe Industries, Inc., adding a 30-year line of trailer fenders to its product offering. The purchase expands Rockwell's ability to serve utility, horse, cargo and boat trailer manufacturers and is being integrated into Rockwell/DexKo's existing manufacturing and distribution footprint.

King Tester Corporation has acquired Cianflone Scientific Group (which includes Cianflone Scientific and Tensitron) from Main Line Equity Partners. The transaction combines test-and-measurement manufacturers to broaden product offerings and strengthen customer support across end markets such as automotive, steel, and mining.

Trelleborg Sealing Solutions (part of Trelleborg AB) acquired U.S.-based TRITEC Performance Solutions, a manufacturer of engineered PTFE seals, billets and assemblies, in a bolt-on acquisition announced November 27, 2019. The deal — with TRITEC majority owned by Edgewater Capital Partners prior to the sale — expands Trelleborg's PTFE capabilities, manufacturing capacity and service offerings for rotary seals and MRO/OEM customers.

Triton-backed Flokk Group has acquired US office seating manufacturer 9to5 Seating to expand Flokk's footprint in the United States and accelerate the group's international growth strategy. The deal adds 9to5's manufacturing capabilities and nationwide dealer network to Flokk's family of workplace furniture brands; 9to5's CEO Dara Mir will remain as CEO and minority shareholder.

Pfingsten, an operationally focused private equity firm, acquired Advanced Lighting Concepts, LLC d.b.a. Environmental Lights, a San Diego–based designer and provider of commercial accent LED lighting. The company's founders, Greg and Anne Thorson, retained equity and management will remain in place; Pfingsten plans to invest in product development, people and pursue strategic add-on acquisitions to grow the business.

Myers Emergency Power Systems (a Graham Partners portfolio company) has acquired the business of Low Voltage Systems, Inc., a family-owned San Leandro-based manufacturer of emergency lighting controls and mini inverters. The deal adds lighting control capabilities to Myers EPS's emergency backup power product set; LVS's president and former majority owner, Leon Hermans, will retain an investment and join the combined management team.

The Jordan Company has completed the acquisition of Polymer Solutions Group’s Polymer Additives division (PSG Polymer Additives) from Arsenal Capital Partners. The Cleveland-headquartered business supplies proprietary polymer additives, dispersions and performance chemicals to rubber, plastics and engineered wood markets and will partner with TJC to expand its global platform and grow its market position.

KKR entered into an agreement to acquire Novaria Group, a Fort Worth, Texas-based manufacturer of specialty aerospace hardware, from sellers Rosewood Private Investments and Tailwind Advisors. The buyout, funded by KKR's Americas XII Fund, will implement a broad-based employee ownership model and support scaling and capability expansion across Novaria's aerospace components operations; financial terms were not disclosed and the deal was expected to close by Q1 2020.