Valence Surface Technologies, a portfolio company of Trive Capital, has acquired Magnetic & Penetrant Services Company, a provider of metal finishing services.
Magnetic & Penetrant Services Company (MAPSCO) provides metal finishing services to its customers in the aerospace and defense industries. Customers of MAPSCO include, among others, Goodrich Aerostructures, Boeing Commercial Airplane, McDonnell Douglas Aircraft and Helicopter, Northrop Grumman, Plessy Dynamics, Raytheon, Spirit Aerosystems, Sundstrand Hamilton, Teledyne and Vought Aircraft. MAPSCO was founded in 1981 and is owned by Frank Milette. The company is based in Seattle (www.mapscofinishing.com).
Valence Surface Technologies provides specialized metal processing and finishing services to the commercial aerospace, defense, and space & satellite markets. Valence offers a range of wet and dry processing capabilities for aluminum, titanium, and steel structures. These offerings include: anodizing, plating, shot peening, painting, and non-destructive testing. The company operates ten facilities and is one of the largest independent aerospace & defense metal processors in North America. Valence is led by CEO Tracy Glende and is headquartered near Houston in The Woodlands (www.valencesurfacetech.com).
“We believe this acquisition creates a differentiated supply chain offering to the aerospace industry that should significantly reduce cycle times, decrease supply chain complexity and provide a single point of accountability and partnership,” said David Stinnett, Partner at Trive Capital. “Trive, Tracy and the rest of Valence management were able to offer a creative transaction structure and unique vision for MAPSCO that ultimately made us the preferred partner to Frank and his team.”
The buy of MAPSCO is the eight add-on acquisition completed by Valence since being formed in December 2013 by Trive through the acquisitions of Coast Plating and Chrome Plus International. The other seven acquisitions were: Chrome Plus International (March 2014), Pride Plating (August 2014), Dynamic Paint Solutions (August 2014), Blue Streak Finishers (September 2014), Coastline Metal Finishing (August 2014), Tri-Process Company (June 2015) and Flextronics San Carlos (May 2015).
“Valence provides the expertise and partnership I was looking for when determining the strategic direction and longer term future of my family business,” said Mr. Milette. “We are excited to have partnered with a larger company that we believe clearly understands the metal finishing business and how to strategically invest, grow and establish a clear leadership position in our market.”
Trive Capital invests from $10 million to $60 million in North American headquartered companies with revenues of $30 million to $500 million. Sectors of interest include automotive & transportation; aerospace & defense; building products; construction & infrastructure; consumer goods; energy services; healthcare; manufacturing and industrials; chemicals; distribution; business & professional services; and communications. The firm was founded in 2012 by Conner Searcy, Managing Partner, and Chris Zugaro, Partner. Trive Capital is based in Dallas (www.trivecapital.com).
© 2017 Private Equity Professional | March 22, 2017
