Graycliff Closes Buy of Third Fund IV Platform
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Graycliff Closes Buy of Third Fund IV Platform

The acquisition of Gold Tech is the third investment for Graycliff’s $350 million fourth fund which closed in December 2019

Gold Tech has metal capabilities in gold, silver, copper, chrome and nickel

SOURCE: Gold Tech

Graycliff Partners has acquired Gold Tech Industries, a provider of metal finishing and plating services.

Gold Tech has metal capabilities in gold, silver, copper, chrome and nickel and its customers are active in the aerospace, electronics, communications and defense industries.

Gold plating is a key feature of metal components used in the manufacture of semiconductor equipment and one of Gold Tech’s fastest growing divisions specializes in military and commercial plating applications for aerospace and telecommunications applications.

Tempe, Arizona-based Gold Tech was founded in 1984 and is led by CEO Dan Skinner who has owned the company since 1990.

“This is an exciting step in our company’s history,” said Mr. Skinner. “Graycliff has been a reasonable and reliable counterpart throughout this process, and we are confident they will be a trusted partner for our employees and customers as the company enters its next chapter. Graycliff’s prior experience and success in the semiconductor and aerospace industries will allow the company to accelerate growth.”

“Having spent my entire career in the semi-cap industry, Gold Tech’s knowledge of metal-plating and ability to execute on time with high quality is unparalleled in the space,” said Dan Rubin, a Graycliff operating advisor. Mr. Rubin joined Graycliff in September 2020 after a 30-year career in the semiconductor, display, energy and biotech equipment manufacturing sectors.

“This is the first institutional capital for Gold Tech and will allow it to accelerate its growth with current and new customers alike,” said Duke Punhong, a managing partner at Graycliff. “We have significant experience in the semiconductor equipment industry and expect Gold Tech to be the first of a number of acquisitions within the space for our current fund.”

The acquisition of Gold Tech is the third investment for Graycliff’s fourth private equity fund, Graycliff Private Equity Partners IV LP which closed at its $350 million hard cap in December 2019.

Graycliff’s two earlier buys were Pennsylvania-based Ballymore, a manufacturer of electric lifts, ladders, work platforms, and portable loading docks, in February 2021; and Gerard Daniel Worldwide, a Pennsylvania-based manufacturer of wire mesh products used in filtration, sound suppression, and heat dispersion applications, in August 2020.

New York City-based Graycliff invests from $10 million to $50 million of control equity in companies with revenues of $10 million to $200 million and EBITDA of $4 million to $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution. The firm was formed in December 2011 by the former investment team of HSBC Capital.

© 2021 Private Equity Professional | July 13, 2021

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