Onamac Industries provides machined components and assemblies, particularly high mix, low volume precision aerospace, commercial, and military components. The company’s products are used within an aircraft, including landing gear, wings, control surfaces and doors. Onamac operates a 35,000 sq. ft. facility with more than 35 CNC production machines. The company has 110 employees and is headquartered just west of Everett in Mukilteo, WA (www.onamac.com).
Selmet is a titanium castings supplier to the aerospace and defense industry. The company manufactures complex titanium parts, including engine, airframe and other aircraft and military components. Selmet was acquired by Blue Point as a platform investment in November 2011. The acquisition of Onamac is the first add-on acquisition completed by Selmet under Blue Point’s ownership. Selmet is headquartered south of Portland in Albany, OR (www.selmetinc.com).
“The acquisition of Onamac is a direct result of a growth initiative that Blue Point and Selmet began pursuing early last year,” said Mark Morris, a partner with Blue Point. “As the aerospace industry continues to rely on the use of titanium to reduce weight and enhance fuel efficiency in aircraft, Selmet continues to look for ways to provide additional value to its customers. Onamac will augment Selmet’s production capabilities and further enhance its value-add offering to customers.”
Blue Point Capital Partners is a lower-middle-market private equity firm that invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue. The firm has over $800 million in committed capital and has offices in Charlotte, Cleveland, Seattle, and Shanghai (www.bluepointcapital.com).
“Onamac’s ability to machine titanium and other aerospace components will allow Selmet to integrate our complementary processes, offering a high degree of quality and control to our customers,” said Rick Kenyon, chief executive officer of Selmet. “With an established reputation as a quality supplier of machined components, deep relationships with its key OEM and Tier 1 customers and its proximity to Selmet, Onamac is an attractive fit. The two companies complement each other very well.”
2014 PEPD • Private Equity’s Leading News Magazine • 8-6-14