Manufacturing Acquisitions in 2025

GreyLion, a U.S.-based private equity firm, announced a new strategic equity investment in Torginol, a manufacturer and marketer of decorative flakes, quartz, and related products used in resinous flooring systems. As part of the investment, Torginol Chairman and Owner Tom Testwuide Jr. will retire, while GreyLion will partner with CEO Jason LaBouve and the management team to support the company’s next phase of growth.

Platte River Equity portfolio company TIPCO Technologies has acquired Flexline, Inc., a Kenilworth, New Jersey-based manufacturer of custom specialty hose assemblies with an emphasis on metal hoses. The acquisition expands TIPCO’s fluid conveyance solutions platform and represents TIPCO’s fifth add-on acquisition since partnering with Platte River Equity in December 2023.

Patrick Industries, Inc. completed the acquisition of Medallion Instrumentation Systems, LLC, a provider of customized instrumentation and vehicle electronics serving marine, RV, powersports, on-highway, and military markets. Medallion, headquartered in Spring Lake, Michigan, generated approximately $38 million in 2024 revenue and will continue operating under its existing brand name and facility.

Monomoy Capital Partners has sold Astro Shapes, LLC, a manufacturer of custom aluminum extrusions, to Wynnchurch Capital. Astro Shapes is headquartered in Struthers, Ohio and serves building products and recreational vehicle end markets through multiple facilities in the Midwest and Northeast United States.

Precision Products Group (PPG), a portfolio company of Auxo Investment Partners, acquired Cindus Corporation, a Cincinnati, Ohio-based manufacturer of crepe paper for electrical and industrial applications. The acquisition is intended to strengthen PPG’s insulation materials offering for the growing electrical transformer market and support investments to expand Cindus’ production capacity. Cindus will continue operating under its name and be managed locally by its existing management team.

Spirit AeroSystems Holdings, Inc. agreed to sell its Fiber Materials Inc. (FMI) business to Tex Tech Industries, Inc. for $165 million in cash. FMI is a producer of high-temperature materials and reinforced composites used in space and defense applications, and the acquisition expands Tex-Tech’s portfolio of thermally protective materials.

National Safety Apparel (NSA) has acquired Warren Heim Corporation, a U.S.-based manufacturer of insulated bags for workers in the electrical utility market. The deal is NSA’s 15th acquisition since 2012 and the second since Blue Point Capital Partners’ May 2024 platform investment in NSA, strengthening NSA’s electrical safety product portfolio and U.S. manufacturing footprint.

GCM announced it has acquired the assets of Precision Swiss Products (PSP), expanding GCM’s precision machining capabilities and customer access. PSP’s assets include a state-of-the-art manufacturing facility in North Carolina. GCM is a portfolio company of Avista Healthcare Partners; financial terms were not disclosed.