Mill Point Buys NetShape
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Mill Point Buys NetShape

Metal Powder Products, a Mill Point Capital portfolio company, has acquired NetShape Technologies, the largest non-automotive powdered metal manufacturer in the US. NetShape has been a portfolio company of Saw Mill Capital since March 2007 when it was acquired from publicly-traded Hawk Corporation for $94 million.

NetShape is a manufacturer of metal components using powdered metal and metal injection molding. The company’s products are used in hydraulic and fluid power systems, fuel cell and medium voltage electrical components, miniature metal components, and engineered products for mechanical applications.

NetShape, led by CEO Dax Whitehouse, was founded in 1696 and has five facilities in North America and one in China and is headquartered north of Louisville in Floyds Knobs, IN (www.netshapetech.com).

Metal Powder Products (MPP) is a manufacturer of gears and sprockets, structural parts, high-strength aluminum parts and high-stress, wear and magnetic application components. The company’s products are used in the automotive, lawn & garden and basic industrial sectors. MPP’s three production facilities, all located in Pennsylvania, provide the company with capabilities in material formulation, sintering, densification and powder metallurgy joining techniques. MPP is headquartered north of Indianapolis in Westfield, IN (www.metalpowder.com). MPP was acquired by Mill Point Capital in May 2016 from Revere Industries.

“The NetShape acquisition provides MPP with key strategic additions such as metal injection molding capabilities and a Chinese manufacturing footprint,” said Chuck Spears, Executive Chairman of MPP.

Mill Point makes control-oriented investments of $15 million to $80 million in middle-market companies that have enterprise values of $50 million to $250 million. Sectors of interest include business services and industrial. Mill Point is based in New York (www.millpoint.com).

Saw Mill Capital, the seller of NetShape Technologies, invests in North American-based manufacturing, industrial and commercial service, and specialty distribution businesses with $25 million to $200 million of revenues and $5 million to $25 million of EBITDA. The firm was founded in 1997 and is headquartered north of New York City in Briarcliff Manor, NY (www.sawmillcapital.com).

“The combination of MPP and NetShape creates a global leader in powdered metal manufacturing,” said Dennis McKeen, President and CEO of MPP. “The combined company’s increased scale and capabilities will provide our customers with unmatched quality and service.”

© 2018 Private Equity Professional | February 20, 2018

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