Willis & Smith Capital has acquired R&B Grinding, a family-owned and Wisconsin-based provider of metal machining services.
R&B Grinding is a manufacturer of machined components used in a range of applications by industrial customers, including Fortune 500 original equipment manufacturers operating in the agriculture, commercial, construction, defense, forestry and consumer sectors. The company provides CNC milling and turning, welding and assembly, grinding and screw machining services.
R&B Grinding was founded in 1958 by Ray and Marilyn Biddle. Today, the company has more than 110 employees and operates from a 140,000 sq. ft. facility located near Milwaukee in Racine, Wisconsin.
“We are grateful of the trust the Biddle Family has placed in our team to ensure R&B’s long-term prosperity,” said Eric Willis and Terry Smith, co-founders of Willis & Smith. “We believe R&B’s family values and dedication to its employees, its community, and its clients speak for themselves.”
With the close of the transaction, Gene Simon, a Willis & Smith operating partner will become the new CEO of R&B Grinding. “I am energized to work alongside such a talented team as we dedicate our resources to further enhance R&B’s already impressive capabilities,” said Mr. Simon. In addition, several key members of the company’s senior management team, including President Barb Lange, the daughter of the founders, will continue managing R&B’s operating divisions.
“From our first meeting with Willis & Smith, we were confident they were the optimal choice to help us transition the future of R&B. Our family sought a partner with significant manufacturing experience that could provide the necessary capital and strategic guidance to continue R&B’s legacy,” said Ms. Lange and other members of the Biddle Family in a released statement.
Willis & Smith invests in lower middle-market companies that have from $5 million to $200 million in revenue and up to $10 million of EBITDA. The firm will also consider companies that have a negative EBITDA. Sectors of interest include manufacturing, distribution, logistics, industrial services, engineering and construction. Willis & Smith was founded in September 2019 and is headquartered north of Dallas in Plano, Texas.
Milwaukee-based Taureau Group was the financial advisor to R&B on this transaction.
© 2022 Private Equity Professional | February 8, 2022
