Weco Manufacturing, a portfolio company of Fairchild Capital Partners since January 2019, has acquired PTC Precision/Progressive Tool.
PTC Precision/Progressive Tool is a manufacturer of components used in aerospace, defense, medical, optical, and other commercial applications. The company was founded in 1956 and is headquartered in Endwell, NY (www.progressivetool.com).
Weco is a provider of design, prototyping, fabrication, machining, re-manufacturing, sub-assembly and final product assembly services to OEMs in the industrial, medical, transportation, audio, telecommunications, electronics and government sectors. The company also has capabilities in powder coating, painting and graphics.
Weco’s products include finished metal parts and assembled products such as enclosures, cabinets, shipping containers, panels, stands, chassis, mechanical assemblies and infrastructure parts. Weco is led by CEO Don Cornwell and is headquartered in the Rochester suburb of Ontario, NY (www.wecomfg.com).
“PTC will help expand our precision machining capabilities and strengthens our presence in some key end markets. We are impressed with the team at PTC, and the longstanding customer relationships they have forged,” said Mr. Cornwell.
“A core focus of our strategy at Weco is to find organic and M&A opportunities to enhance our manufacturing capabilities and the services we offer to our customers. The PTC acquisition aligns well with our strategy,” said Ryan Martin, managing partner at Fairchild Capital.
Fairchild Capital invests in companies that have revenues of $5 million to $75 million and EBITDA of $1 million to $10 million. Sectors of interest include niche manufacturing, value-added distribution, logistics, consumer and retail, business and consumer services, environmental services, and industrial services. The firm was founded in 2017 by Ryan Martin and is headquartered in Buffalo, NY (www.fairchildcapitalpartners.com).
© 2019 Private Equity Professional | May 17, 2019
