Uni-World Capital has acquired Drake Manufacturing, a manufacturer of precision CNC machine tools. The senior management of Drake will be significant equity owners in the company and remain in their current positions.
“Drake has been growing at a rapid pace with expanding international reach since 2008. We are confident that this trend will continue and we see new markets both in the United States and overseas,” said Uni-World Managing Partner Christopher Fuller. In addition to providing capital, Uni-World and its advisory board will provide strategic and operational advice as the company executes on its plan.
Drake Manufacturing designs, builds, and services CNC (computer numerical control) thread, worm and profile gear grinders as well as rack and thread milling machines. The company was founded in 1972 and has 90 employees. Drake is headquartered in Warren, OH (www.drakemfg.com).
“Drake is at an exciting point in its 42-year history and this new equity partnership will both sustain and increase our growth trajectory,” said James Vosmik, president of Drake Manufacturing. “We are looking forward to working with Uni-World and its advisory board to build on Drake’s position as a leading manufacturer of precision CNC machine tools for the US and export markets.”
“Drake addresses large and growing worldwide markets and is in an excellent position with a respected brand name, a blue-chip customer base and a reputation for technical excellence. We are especially proud to be adding this Midwest manufacturing success story to the Uni-World portfolio of companies,” said Scott Porter, a partner at Uni-World who led the transaction.
Uni-World Capital invests in companies that have EBITDA of $4 million or higher and enterprise values from $20 million to $150 million. Sectors of interest include non-food consumer products; food; value-added manufacturing; financial services; and business services. Uni-World is headquartered in Cleveland (www.uniworldcapital.com).
The Drake acquisition marks the second transaction for Uni-World in 2014. In August the firm’s portfolio company VanDeMark Chemical (www.vdmchemical.com), a manufacturer of phosgene and phosgene derivatives, completed an add-on acquisition of Framochem Kft (www.framochem.eu/en), a manufacturer of phosgene products based in Hungary.
League Park Advisors (www.leaguepark.com), a Cleveland-based investment bank, served as the exclusive investment advisor to Drake.
2014 PEPD • Private Equity’s Leading News Magazine • 10-14-14