Manufacturing Acquisitions in Vermont

John Boos & Co., the long-standing U.S. manufacturer of premium kitchen equipment, has acquired JK Adams, a Vermont-based maker of handcrafted wooden cutting boards and kitchenware. The acquisition will retain JK Adams' headquarters and staff in Dorset, Vermont, and expand John Boos' product offerings and U.S. footprint while preserving both brands' focus on craftsmanship and sustainable practices.

Portland Bolt & Manufacturing Co., LLC has acquired Applied Bolting Technology, a Bellows Falls, Vermont-based manufacturer of Direct Tension Indicating washers (DTIs). The acquisition expands Portland Bolt’s domestic manufacturing capabilities and geographic footprint while keeping Applied Bolting’s leadership and operations in Vermont; G2 Capital Advisors served as exclusive buy-side advisor.

Prince Industries, an HC Private Investments portfolio company, acquired Bradford Machine, a Brattleboro, Vermont-based precision machining firm, to expand Prince’s medical device, aerospace and defense capabilities. The transaction terms were not disclosed; debt financing was provided by Wintrust Financial Corporation, Signature Bank and Midwest Mezzanine Funds, with Winston & Strawn serving as legal counsel and Mirus Capital Advisors advising Bradford.

IDEX Corporation agreed to acquire STC Material Solutions, an advanced materials and technical ceramics manufacturer headquartered in St. Albans, Vermont, from Artemis. The transaction (cash consideration of $206 million, subject to adjustments) expands IDEX's material science and manufacturing capabilities and will include STC in IDEX's Health & Science Technologies segment.

Spectris plc has signed a purchase agreement to acquire MicroStrain Sensing Systems Business for $37.6 million. MicroStrain, based in Williston, Vermont, reported unaudited revenue of $15.4 million for the year ended June 2022 and will be integrated into Spectris Dynamics to strengthen Spectris' sensor offering and North American presence; the deal is expected to close in the third quarter subject to regulatory approval.

Exaktera LLC, a portfolio company of Union Park Capital, has acquired Advanced Illumination Inc., a designer and manufacturer of specialty LED lighting assemblies and drivers for machine vision, industrial imaging and biomedical applications. Terms were not disclosed; Advanced Illumination will continue operating from Rochester, Vermont with John Thrailkill remaining in a leadership role and will be integrated into Exaktera's precision components platform to expand machine-vision illumination capabilities.

The EBNER Group has acquired a majority interest in Hazelett Strip-Casting Corporation, a U.S.-based designer and manufacturer of continuous metal casting machines. The strategic acquisition will allow EBNER to offer complete upstream and downstream process lines for the aluminum, steel, and copper industries by integrating Hazelett’s twin-belt casting technology with EBNER’s heat-treatment and furnace capabilities.

Artemis Capital Partners, a Boston-based private equity firm, has acquired Omega Optical, a Brattleboro, Vermont manufacturer of precision optical filters and coatings. Artemis intends to build Omega as the first company in its Optical Technology platform and support organic and inorganic growth while Omega's founder and management retain a significant ownership stake.

AE Industrial Partners, a private equity firm focused on aerospace, defense and specialty industrials, has acquired G.S. Precision, a Brattleboro, Vermont-based manufacturer of high-precision aerospace and defense components. Terms were not disclosed; G.S. Precision will continue to be led by CEO Norm Schneeberger, who will remain a significant shareholder.

ASGARD Partners & Co. and Merit Capital Partners have acquired the protective eyewear product line and related assets of Revision Military Ltd., including the Revision name, a 53,000 sq. ft. manufacturing facility in Essex, Vermont, and approximately 130 employees. Merit provided subordinated debt and equity as part of the investment; ASGARD will lead the separated eyewear business and work with existing management to pursue growth and capability expansion in military and allied defense markets.

JMAR Technologies Inc. acquired all outstanding equity of Semiconductor Advanced Lithography Inc. (SAL) for approximately $4.5 million in a mix of cash, promissory notes, stock and contingent payments. SAL has been merged into a new California subsidiary, JMAR/SAL NanoLithography Inc. (J‑SAL), giving JMAR advanced X‑ray lithography capabilities to serve GaAs and other semiconductor manufacturers.