Modineer Co. has been acquired by Westbourne Capital Partners, Hall Capital, and other investors.
Modineer is a manufacturer and fabricator of low to medium volume complex metal components and assemblies that are used in automotive, military, truck/trailer and industrial applications. The company’s manufacturing techniques include stamping, roll forming, welding, machining, painting, e-coating and other specialty processes.
Modineer was founded in 1940 by Paul Dreher (than named Modern Engineering Products) in his garage. Today, Modineer manufactures more than 35 million components per year and operates from nine facilities, with a combined 700,000 sq. ft., located in Michigan, Indiana, and Missouri. The family-owned company, headquartered in Niles, MI, has more than 800 employees and is led by CEO Ed Hamilton (www.modineer.com).
“We are extremely excited to partner with the Hall Capital and Westbourne Capital Partners teams,” said Mr. Hamilton. “While the company has been highly successful in establishing itself as a leader in the production of vehicle components, we are eager to take the next step in growing the company through greater utilization of our assets and industry relationships, as well as diversifying into new end markets. This transaction will help us to accomplish those goals.”
“We are excited to partner with Ed Hamilton and his team to invest in Modineer to grow and expand the business for the benefit of our current and future customers, employees, and key stakeholders,” said John Kobza of Hall Capital.
Hall Capital makes control and non-control investments of $2 million to $25 million in manufacturing, distribution, or service companies with revenues of $10 million to $100 million and operating profit of at least $1 million. The firm has raised three private equity funds with a total of $250 million of committed capital from the Hall family and outside partners, both individual and institutional. Hall Capital has offices in Oklahoma City, Chicago (Lake Forest), Nashville, and Tulsa (www.hall-capital.com).
Westbourne Capital Partners invests from $3 million to $50 million in companies that have at least $10 million in revenue. Sectors of interest include manufacturing and food. The firm, led by partners Rob Crisp and Steve Berchem, is headquartered in Chicago (www.westbournecp.com).
The buy of Modineer by Westbourne Capital and Hall Capital closed on November 15, 2018.
© 2018 Private Equity Professional | December 10, 2018
