Willis & Smith Capital has acquired Performance Stamping, a provider of metal stamping services.
Performance Stamping’s customers include domestic and international original equipment manufacturers in the appliance, automotive, water treatment, oil and gas, utilities, industrial services, and HVAC sectors. The company’s capabilities include deep draw and progressive die stamping, compound and blanking die stamping, and various engineering consulting services ranging from tooling design, material selection, and failure, fatigue, and stress analysis.
Performance Stamping was founded in the 1970’s and operates two facilities with a combined 85,000 square feet and is headquartered northwest of Chicago in Carpentersville, Illinois. The company was acquired in 1979 by Scott Spencer and his father Ed Spencer.
Post closing, the company’s longtime management will continue in place, with Peter Martel acting as chief executive officer, and Scott Spencer as an advisor to the company and its board of directors.
“We believe the addition of Performance Stamping to our portfolio, alongside J&E Companies, our sheet metal fabrication and machining group of companies, will provide tremendous value for their collective customers. We’re proud to offer the choice of more services at greater scale,” said Eric Willis and Terrence Smith, co-founders of Willis & Smith, in a released statement.
J&E Companies provides fabrication and machining services to companies in the medical, aerospace, commercial, and agricultural industries. The business, comprised of J&E Manufacturing (acquired in July 2022) and R&B Grinding (acquired in February 2022), operates six facilities in Minnesota (4), Wisconsin, and Mexico, with a combined 450,000 square feet of production space and 325 employees. J&E Companies is headquartered near Minneapolis in Plymouth, Minnesota.
“Transitioning Performance Stamping wasn’t a decision I and the management team took lightly. We were determined to find a successor dedicated to our employees who could offer our customers synergies others couldn’t,” said Scott Spencer. “As we got to know Eric and Terry of Willis & Smith Capital, we knew they were committed to that goal. I’m enthusiastic to continue as an advisor to the company and actively help write this next chapter.”
Willis & Smith Capital invests in lower middle market companies with annual revenues of up to $200 million and up to $15 million of EBITDA (including negative EBITDA). Sectors of interest include manufacturing, distribution, logistics, industrial service companies, engineering, and construction. The firm is headquartered northeast of Dallas in Plano, Texas.
“We commend Scott Spencer and his father for their dedication in developing Performance Stamping into an organization capable of looking into the future and understanding its customers’ evolving technical and business needs,” added Messrs. Willis and Smith.
Promontory Point Capital was the financial advisor to Performance Stamping.
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