Nitrex, a portfolio company of Novacap and a provider of metal heat treatment equipment and services, has acquired G-M Enterprises.
G-M Enterprises is a specialized supplier of vacuum furnaces used by customers operating in the aerospace, power generation, energy and commercial heat-treating industries. The company is led by President Suresh Jhawar and is headquartered in Corona, California.
Nitrex , acquired by Novacap in September 2015, makes systems that are used to heat-treat ferrous and non-ferrous materials through gas nitriding and gas nitrocarburizing – both are thermochemical processes where nitrogen, carbon, and oxygen atoms are diffused into the surface of a steel part to improve hardness or instill other performance attributes.
Nitrex was founded in 1984 and operates through three business units – Nitrex Turnkey System (NTS), a provider of nitriding and nitrocarburizing systems; Heat Treating Services (HTS), a network of commercial heat-treating service centers; and United Process Controls (UPC), a provider of controls and automation products for heat treating and combustion systems.
Quebec-headquartered Nitrex has approximately 300 employees with operations in Canada, the United States, Poland, Germany, France, Italy, China, Brazil, Japan and Mexico. Nitrex, led by CEO Jean-Francois Cloutier, has been growing consistently over the last several years and has annual revenues of approximately $60 million.
“G-M Enterprises is a leader in the vacuum furnaces market. The company has an outstanding growth opportunity and under Nitrex, we will build on that potential even further, using our global customer base and service footprint,” said Mr. Cloutier.
Novacap, with $3.6 billion in assets under management, invests in middle-market companies within traditional industries and in companies in the technology, media and telecommunications sector. The firm was founded in 1981 and has offices in Toronto, and near Montreal in Brossard, Quebec.
© 2020 Private Equity Professional | January 14, 2020