Arcline Grinds Away

Arcline Investment Management has acquired Glebar Company from its management shareholders led by Chairman and former CEO Adam Cook.

Glebar manufactures and services micromachining, centerless grinding and electrochemical grinding systems used in the production of medical guidewire and minimally invasive surgical components, as well as in aerospace, consumer, and industrial applications.

The company also supplies consumables, replacement parts and repair and maintenance services to its installed base of systems. Glebar, led by CEO Robert Baker, is headquartered in Ramsey, New Jersey.

Simultaneous with its acquisition by Arcline, Glebar acquired the electrochemical grinding assets (ECG) of Everite Machine Products, a portfolio company of Eureka Equity Partners. Electrochemical grinding is a process that removes material from a workpiece (positively charged) using a grinding wheel as used as a cutting tool (negatively charged) and an electrolyte fluid that captures the excess material. New Jersey-based Everite provides electrochemical grinding equipment as well as grinding wheels and electrolyte products that are used in the healthcare, medical device, power tools, and aerospace sectors.

“We are excited to partner with Glebar management and to continue the company’s focus on maximizing its customers’ return on investment and throughput in the production of increasingly complex components used in minimally invasive surgery, aerospace and other mission-critical industrial applications,” said the partners of Arcline in a released statement. “We are committed to investing both organically in the company’s engineering, technology, and aftermarket service capabilities, as well as through acquisitions such as Everite, to continue to build Glebar into a leading, full-service provider of innovative process improvement solutions for its customers.”

“As the owner of Glebar, I focused on finding the right partner for the company and the management team to continue building on what we started,” said Mr. Cook. “We chose Arcline because of their growth mindset, passion for building market-leading companies, and reputation for doing what they say.  I am excited to watch the value creation that the partnership between Glebar and Arcline will create for its customers, stakeholders and employees.”

Arcline makes control investments in companies that have from $10 million to $100 million of EBITDA and enterprise values of up to $1 billion. Sectors of interest include industrials, technology, life sciences, and specialty chemicals. The firm closed its first fund, Arcline Capital Partners LP, with $1.5 billion of committed capital in March 2019. Arcline was founded in September 2018 and has offices in San Francisco and New York.

Cowen was the financial advisor to Glebar and Piper Sandler was the financial advisor to Arcline.

Private Equity Professional | June 3, 2020

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