Precision Engineered Technologies, a portfolio company of Joshua Partners, has acquired Imperial Machine and Tool Company, a boring & machining company based in Wadsworth, OH.
“The team at Imperial has built the company into a leading provider of turning, milling, and boring of rough steel into finished parts. Imperial provides dedicated and complex machining services to long term customers in several high growth markets, including the hydraulic fracturing segment of the oil & gas industry and the steel industry,” said Charles Corpening, the Chairman and Founder of Joshua Partners.
Joshua Partners makes control investments in businesses with revenues of $10 million to $100 million across an array of industries. Joshua Partners is led by its founder Charles Corpening. The firm was founded in 2007 and is based in Newton, PA (www.joshuapartners.com).
“The precision engineered machining industry is fragmented and characterized by a large number of small businesses. Our partnership with Joshua Partners will help accelerate our growth initiatives in existing and new markets, allowing us to achieve the ideal scale to exploit even more meaningful growth opportunities,” said Precision’s President, Brian Murray. “The leadership at Joshua Partners has a long history of successfully partnering with entrepreneurial management teams with a strong vision of growth. With Joshua Partners’ sponsorship, we look forward to pursuing acquisitions of additional precision machining companies in the near future.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-29-13
