Vance Street Capital has acquired a majority interest in Micronics, a provider of aftermarket filtration products and OEM custom filter presses. The management team of Micronics invested alongside Vance Street and will have a significant ownership stake in the business.
“We look forward to working closely with Barry Hibble and the entire Micronics management team to help the company capitalize on the many growth opportunities it has before it, both here and abroad,” said Jake Blumenthal, principal at Vance Street Capital. “We focus on investing in companies that provide engineered solutions to blue chip customers and we feel that Micronics is perfectly positioned to continue to gain market share.”
Micronics provides filtration products to varied industries worldwide including mining, chemical, wastewater, metals, and food and beverage. The company was founded in 1983 and is headquartered in Portsmouth, NH with an additional facility in Stoke-on-Trent, UK (www.micronicsinc.com).
“In Vance Street, we could not have found a better partner as Micronics enters its next phase of growth,” said Micronics Chief Executive Officer Barry Hibble. “The firm has extensive experience working with manufacturers as well as a deep understanding of operations. This transaction is a positive development for our company and our hard-working employees as we look to the future with our new partners.”
Vance Street Capital makes control investments in companies with enterprise values up to $200 million. Sectors of interest include precision industrial manufacturing, aerospace and defense, medical components and devices, and business services. The firm is based in Los Angeles (www.vancestreetcapital.com).
The Micronics transaction represents Vance Street’s seventh platform acquisition in its current fund.
FS Investment Corporation provided debt financing to support the transaction. FS is based in Philadelphia (www.fsinvestmentcorp.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-2-13