Manufacturing Acquisitions in 2024

Gamber-Johnson, a manufacturer and designer of mounting solutions for electronic equipment used in vehicles and mobility applications, has acquired American Aluminum Accessories. The deal expands Gamber-Johnson’s mobility and vehicle-solution offerings by adding capabilities such as secure storage, K9 transport systems, prisoner transport, and work truck accessories. American Aluminum Accessories will continue operating from its Perry, Florida facility under Gamber-Johnson, led by former president Jennifer Arnold as General Manager.

Power Grid Components (PGC) has acquired Elliott Industries, a manufacturer of custom electrical equipment for utilities, OEMs, and commercial/industrial customers. The deal expands PGC’s power distribution product portfolio while maintaining the Elliott brand, with Elliott’s leaders Patricia Willcox and Ken Elliott III staying on to support an extended transition.

CPM announced the acquisition of Jacobs Global, a supplier of aftermarket parts for hammermills and pellet mills. The transaction is intended to expand CPM’s product portfolio and market reach and add capacity to better serve global customers in animal feed, oilseed, and biomass processing operations.

Altus Capital Partners acquired Air Innovations, LLC, a manufacturer of mission-critical environmental control units (ECUs) serving markets including wine, aerospace, semiconductor, homeland security, and healthcare. Air Innovations is headquartered in North Syracuse, New York, and its management team will remain in place. Financial terms were not disclosed.

Shinagawa Refractories Co., Ltd. will acquire Gouda Refractories Group B.V., a Netherlands-based manufacturer of (high-)alumina refractory materials and provider of refractory services. Gouda was part of the Andus Group and has been supported by private equity investor Gilde Equity Management since 2021. The acquisition is intended to accelerate Shinagawa’s global expansion and strengthen its premium white refractories manufacturing and service capabilities in Europe.

Janler Corporation, a Chicago-based contract manufacturer specializing in high-precision mold-making and molding, has been acquired by Uniphase, LLC. Uniphase is a portfolio company of Sequel Holdings, LP, and the combination is intended to expand tooling, engineering, and plastic injection molding capabilities across industrial, packaging, and medical end markets.

LFM Capital-backed Weller Metalworks acquired DROP Sprockets, Inc., expanding Weller’s metal fabrication and precision machining platform. AEA Investors’ Private Debt group provided mezzanine notes and an equity co-investment to support the transaction. DROP, headquartered in Nelson, British Columbia, manufactures customizable made-to-order sprockets used across applications.

CORE Industrial Partners portfolio company PrecisionX Group acquired MSK Precision Products, Inc., a provider of precision machining and assembly services specializing in Swiss machining. The acquisition expands PrecisionX’s specialty precision metal manufacturing capabilities and strengthens its presence in medical and aerospace & defense end markets, adding an East Coast facility in Tamarac, Florida.

Spectris plc completed the acquisition of SciAps, Inc., a portfolio company of Rand Capital Corporation, on August 21, 2024. Rand Capital received $13.1 million in total proceeds at closing from the sale, consisting of debt repayment, interest and fees, and an equity return.

JENNMAR, a FalconPoint Partners portfolio company, acquired the assets of Wright-Mix Material Solutions, LLC’s cement blending facility in Holden, West Virginia. The facility will be added to JENNCHEM (a JENNMAR subsidiary) to expand manufacturing capacity and ensure continuous production of J-SEAL specialized foaming cement products.

Paladin Holdings LLC, a portfolio company of Makai Capital Partners, has acquired Ultra-Pak, Inc., a contract manufacturer, packager, and distributor of personal care and cleaning products. The deal expands Paladin’s liquid and powder filling capabilities and strengthens its presence in the Jan-San and Hospitality markets.

H.B. Fuller Company has acquired HS Butyl Limited, the United Kingdom’s largest manufacturer and distributor of butyl tapes used for waterproofing and sealing applications across construction and other end markets. The deal expands H.B. Fuller’s position in specialty construction tapes and strengthens its presence in the European waterproofing tape market, leveraging its existing butyl tape capabilities and global distribution network.

Standard Iron acquired Helgesen Industries in a strategic transaction aimed at strengthening Standard Iron’s market position by expanding scale and manufacturing capabilities. Owner Resource Group (ORG) supported the deal by sourcing the opportunity, leading structuring and due diligence, and coordinating lender financing to refinance existing facilities and establish a flexible debt structure. Post-close, ORG continues to support integration efforts and key initiatives such as executive recruitment and technology enhancements.

Midland Garage Door, a portfolio company of LongWater, has acquired Martin Door, a garage door manufacturer based in Salt Lake City, Utah. The acquisition adds a strategic manufacturing asset and expands Midland’s product offerings and geographic presence across the Mountain West, West Coast, and Southwest regions.

An affiliate of Stellex Capital Management has entered into a definitive agreement to acquire McConway & Torley (M&T) and Standard Forged Products (SFP) from Arcosa, Inc. The Pittsburgh-based businesses manufacture cast, forged, and machined products for rail and industrial customers, and the transaction is expected to close in the third quarter of 2024. As part of the deal, industry veteran David Meyer will become CEO to help drive organic and acquisitive growth.

The Shyft Group acquired Independent Truck Upfitters (ITU), a Midwest-based service body and work truck upfitter. The acquisition supports Shyft’s infrastructure-focused specialty vehicles growth strategy and expands its capabilities in larger, more complex commercial work-truck upfitting.

OPW Global acquired Michigan-based flow control components specialist Marshall Excelsior Company (MEC) for $395 million in an all-cash transaction. MEC serves liquefied petroleum gas and cryogenic markets and generated approximately $120 million in revenue in 2023; OPW expects the deal to expand its capabilities and participation in compressed and liquefied gases.

IDEX Corporation entered into a definitive agreement to acquire Mott Corporation and its subsidiaries for $1.0 billion in cash consideration (approximately $900 million net of expected tax benefits). Mott designs and manufactures sintered porous metal components and flow control solutions used in high-value end markets including semiconductor, energy, water, and space. The deal is expected to close by the end of the third quarter of 2024, subject to regulatory approvals and customary conditions, and Mott will join IDEX’s Health & Science Technologies segment.

An affiliate of Mill Point Capital LLC entered into a definitive agreement to acquire FEMSA’s commercial refrigeration and foodservice equipment businesses, operating as Imbera and Torrey, via a single corporate carve-out. The two businesses will be объединed under a newly created platform, AeriTek Global LLC, a manufacturer, designer, and distributor of commercial refrigeration and foodservice equipment. The transaction is subject to regulatory approvals and customary closing conditions.

Kodiak acquired Southern Adhesives and Coatings, a boutique adhesives and coatings supplier serving the paper and packaging industries. The acquisition expands Kodiak’s specialty chemicals portfolio and supports its strategy of consolidating manufacturing and accelerating growth using Kodiak’s manufacturing, R&D, and sales capabilities.

Bradford White Corporation has acquired Heat-flo, a maker of stainless steel indirect water-heating and hydronic storage tanks. The deal expands Bradford White’s water-heating product portfolio across residential, commercial, and industrial markets, with ongoing operations continuing at Heat-flo’s Uxbridge, Massachusetts facility and support from Bradford White subsidiary Laars Heating Systems.

Andronaco Industries acquired Diamond Companies, comprising Diamond Fiberglass (a designer and manufacturer of fluid management vessels and tanks) and Diamond Services (a non-metallic industrial services business). The combined business will operate under the rebranded name Diamond Fiberglass Systems and Services, an Andronaco Industries Company, expanding Andronaco’s corrosion-resistant flow control and fluid management offerings.

Parkway Capital announced an investment in Tess Oral Health, providing subordinated debt and equity to support a recapitalization. The transaction was led by ArchStar Capital in partnership with Tess Oral Health’s management team. Tess Oral Health is an FDA-approved manufacturer of personalized toothbrushes and oral hygiene products for dental and orthodontic practices.

Turnspire Capital Partners announced that an affiliate has acquired Swanson Industries, a provider of manufacturing, remanufacturing, repair, and distribution services for mining equipment, hydraulic cylinders, and related industrial equipment in the United States. The transaction also includes Swanson’s controlling stake in Tiefenbach North America, which focuses on engineered hydraulic controls and hose assemblies for mining, energy, and industrial applications.

The HC Companies, a Platinum Equity portfolio company, acquired Classic Home & Garden (CHG), a provider of decorative planters, pots, and backyard décor products for the North American lawn and garden market. CHG is headquartered in Shelton, Connecticut, and its owner and CEO Fred Ryan will remain a significant investor in the combined business and serve as President. Financial terms of the transaction were not disclosed.

CORE Industrial Partners completed a take-private transaction to acquire Fathom Digital Manufacturing Corporation, an on-demand digital manufacturing services provider. Following the transaction, Fathom’s Class A common stock ceased trading and will no longer be listed on the New York Stock Exchange.

Parkway Capital announced an investment in Mike Alexander Company, Inc. (MALCO) as part of a recapitalization led by Sidereal Capital Group in partnership with MALCO’s senior management team. Parkway Capital and Farragut Capital Partners provided subordinated debt and equity financing to support the transaction. MALCO is a Tulsa-based manufacturer of specialty hardware anchors and provides custom metal fabrication services for industrial high-temperature environments.

Funds managed by Castik Capital have agreed to acquire a majority stake in Andra Tech Group from funds advised by Equistone Partners Europe, Mountainview Capital Partners, and management. Andra Tech Group’s management team will remain invested as minority shareholders, and the Equistone funds may reinvest as well. The partnership is intended to support Andra Tech Group’s continued growth in high-tech precision components through organic expansion and further acquisitions.

Power Integrations announced an agreement to acquire the assets of Odyssey Semiconductor Technologies, a developer of vertical gallium-nitride (GaN) transistor technology. The transaction is expected to close in July 2024, and key Odyssey employees are expected to join Power Integrations' technology organization to support its PowiGaN development roadmap.

Brightwood Capital Advisors provided financing to support Mill Point Capital’s purchase of Proficium LLC; financial terms were not disclosed. Proficium designs, manufactures, and delivers products and value-added services for commercial AI infrastructure, hyperscale data centers, and enterprise customers.

EnerSys entered into a definitive agreement to acquire Bren-Tronics, Inc. in an all-cash transaction valued at $208 million. Bren-Tronics, a manufacturer of portable lithium batteries and charging solutions for military and defense applications, will be integrated into EnerSys’ Specialty line of business, with closing expected in Q2 2024 subject to regulatory approvals.

Platte River Equity portfolio company MFG Chemical acquired H.P. Polymers (HPP), an independent paint and coatings resin manufacturer. HPP is based in Puslinch, Ontario, and the deal expands MFG’s capabilities and product portfolio within the paint and coatings sector.

Mueller Industries, Inc. has entered into a definitive agreement to acquire Nehring Electrical Works Company and certain affiliated companies for approximately $575 million, plus a potential $25 million earn-out. Headquartered in DeKalb, Illinois, Nehring manufactures wire and cable solutions serving utility, telecommunications, electrical distribution, and OEM markets, and generated approximately $400 million in net sales for the twelve months ended December 31, 2023. The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and customary closing conditions, and will be funded with cash on hand.

HCAP Partners announced an investment in Gondola Skate Moving Systems, a San Diego-based supplier of fixture mobilization equipment used to move retail shelving and other heavy fixtures. The investment will support customer growth and operational improvements, and may position Gondola Skate to pursue a future strategic acquisition; financial terms were not disclosed.

Inrad Optics entered into a definitive merger agreement to be acquired by Luxium Solutions, an affiliate of private equity firms SK Capital Partners and Edgewater Capital Partners, in an all-cash transaction valued at approximately $19 million including assumed debt. Inrad Optics stockholders will receive $1.10 per share in cash, and the company will remain headquartered in Northvale, New Jersey following closing expected in mid-2024.

TerraVest Industries Inc. has entered into an agreement to acquire Advance Engineered Products. Advance, headquartered in Regina, Saskatchewan, is a Canadian manufacturer and service provider in the tank trailer industry, and the deal is intended to complement TerraVest’s existing tank trailer businesses and expand its product and service platform.

Resco Products, Inc., a portfolio company of Balmoral Funds LLC, has entered into a definitive agreement to be acquired by RHI Magnesita for an enterprise value of up to $430 million. The transaction is expected to close in the second half of 2024, subject to customary closing conditions and regulatory approvals.

An investor group led by Arsenal Capital Partners, in partnership with BayPine, has acquired Poly-Wood, LLC (POLYWOOD) from Mayfair Capital Partners, a private investment division of Oxford Financial Group. POLYWOOD is a vertically integrated manufacturer of recycled HDPE outdoor living products headquartered in Syracuse, Indiana. Financial terms were not disclosed.

Andra Tech Group, a portfolio company of funds advised by Equistone Partners Europe, has acquired Netherlands-based Lucassen Groep, a specialist in high-precision manufacturing and cleanroom assembly. The deal is Andra Tech Group’s fourth acquisition since Equistone took a majority stake in 2021 and further strengthens the group’s position in the Netherlands; transaction terms were not disclosed. Selling shareholder and managing director Daniël Gulikers will continue to lead Lucassen within Andra Tech Group.

Vibration Mountings & Controls, Inc. (VMC Group) acquired Cannon Fabrication (CanFab) and BRD Noise and Vibration Control (BRD) to expand its controlled-environment solutions offering across commercial HVAC noise, vibration, and seismic applications. Broadview Group Holdings, LLC made a strategic investment in VMC Group to recapitalize the business and support the acquisitions. Financial terms were not disclosed.

Catalyst Acoustics Group, a portfolio company of The Stephens Group, acquired RealAcoustix LLC, a Utah-based manufacturer of custom acoustical wood and architectural interior products. The transaction is an add-on intended to expand Catalyst’s product offering in acoustic and noise control solutions.

MPE Partners (Morgenthaler Private Equity) announced an investment in Webster Industries, a manufacturer of engineered class chain, sprockets, and vibratory equipment for material handling and power transmission applications. MPE acquired Webster from its employee-owned stock ownership plan (ESOP) and partnered with the existing management team, who will continue to lead the business. Financing for the transaction was provided by Fidelity Direct Lending and Apogem Capital; terms were not disclosed.

Guardian Capital Partners portfolio company Havis, Inc. has completed the acquisition of Vanner, Inc., a provider of power management solutions for transportation and rugged mobile applications. The deal adds Vanner’s long-standing product portfolio and engineering capabilities to the Havis platform, expanding its footprint in in-vehicle rugged technology solutions.

Trystar, a portfolio company of Goldner Hawn, completed the acquisitions of Macromatic and Primax Technologies (Primax). The deals expand Trystar’s electrical power solutions offering and broaden its reach across multiple mission-critical end markets.

P2G Capital partnered with Merit Capital Partners and company management to acquire Circuit Check Holdings, Inc. Circuit Check, headquartered in Maple Grove, Minnesota, designs and manufactures custom test systems, test fixtures, and test automation solutions for electronics and electro-mechanical devices across multiple end markets.

Kinzie Capital Partners LP acquired Arctic Industries, a national manufacturer and distributor of temperature control and cold storage solutions, in partnership with Arctic’s management. The investment is intended to support Arctic’s continued growth and expansion across the United States. Brown Gibbons Lang served as exclusive financial advisor to Stoic Holdings in the sale of Arctic Industries.

Parkway Capital announced an investment in Architectural Polymers as part of a recapitalization led by Stonebridge Partners in partnership with the company’s senior management team. Parkway, Brookside Capital Partners, and Spring Capital Partners provided subordinated debt and equity to support the transaction. Architectural Polymers is a manufacturer and designer of urethane and plastic molds/formliners for concrete construction applications and is headquartered in Palmerton, Pennsylvania.

Trexon announced the sale of its Industrial Products Group (IPG) to Amphenol Corporation in a divestiture completed late last year. The transaction includes the brand portfolios of TPC Wire & Cable, Pittsburgh Wire and Cable, and MilRail, which will operate within the Amphenol family. Financial terms were not disclosed.

Salt Creek Capital acquired Pacific Coast Feather Cushion Company, LLC (PCF Cushion), a manufacturer of natural fill cushion insert components for the U.S. upholstered furniture industry. PCF Cushion’s CEO, Cristina Kopecky, will partner with Salt Creek Capital as the company continues its growth and development.

The Taylor Group has acquired 85% of the shares of CVS Ferrari from NEIP III and BP. BP (Battioni & Pagani) will retain a 10% stake and SDB (owned by CVS Ferrari sales & marketing director Davide Bertozzi) will retain 5%, while NEIP III fully exits its investment.

Salem One, Inc., a portfolio company of Granite Creek Capital Partners, has acquired iTek Graphics, a printing and graphics company based in Concord, North Carolina. The transaction was funded by investments from Granite Creek’s FlexCap III fund and a co-investment from Patriot Capital. iTek Graphics will operate as a new division of Salem One and continue as a stand-alone business unit in Concord.

An affiliate of SteelPro, LLC, which is backed by private equity firm LFM Capital, acquired the assets of Memphis-based CoBuilt, LLC and certain affiliated entities. Financial terms were not disclosed. The acquisition adds a second manufacturing location and expands SteelPro’s structural steel fabrication capabilities in the Memphis area.

LFM Capital invested in Current Tools, LLC, making it the seventh platform company in LFM’s third fund. Current Tools manufactures specialized tools and equipment used by electrical and mechanical contractors for industrial applications and is headquartered in Wellford, South Carolina.

Vontier Corporation announced the sale of its Coats business (The Coats Company) to Victor Capital Partners for $72.5 million in an all-cash transaction. Coats manufactures wheel service, alignment, lift, and inspection equipment for the automotive market and is headquartered in LaVergne, Tennessee. The transaction closed on January 8, 2024.