Industrial Opportunity Partners has sold its investment in Center Manufacturing to Mayville Engineering Company.
Center Manufacturing manufactures complex welded assemblies, small and large diameter tubing, commercial vehicle fuel tanks, fluid level indicators and other fabricated assemblies for commercial vehicle, power sports, agriculture, construction, military and other general industrial applications. Center has approximately 800 employees and operates from eight manufacturing facilities in Michigan, Mississippi, South Carolina and Virginia. The company is headquartered in Byron Center, MI (www.centermfg.com).
Mayville Engineering Company provides laser and plasma cutting, stamping, forming, machining, welding, tube forming, painting, assembly and kitting, product testing and validation of metal products for the construction, military, agriculture, mining, power sports, marine, medical and power generation industries. The company was founded in 1945 and has 1,200 employees and eight Wisconsin locations in Mayville (headquarters), Neillsville, Beaver Dam, Berlin and Wautoma (www.mayvl.com).
Industrial Opportunity Partners (IOP) focuses on acquiring and overseeing middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. IOP targets businesses with strong product, customer, and market positions and provides management and operational resources to support sales growth and operational improvements. The firm was founded in 2005 and is headquartered in Evanston, IL (www.iopfund.com).
“This acquisition brings together two great companies into one great team,” said Robert Kamphuis, chairman, president and CEO of Mayville Engineering Company (MEC). “Center and MEC both have long histories, blue-chip customers and a talented and committed workforce. We’re delighted to welcome Center’s employees to the MEC family, and we’re excited to work together to keep growing our expanded company.”
Quarton Partners, a specialty investment banking firm serving privately held and publicly traded companies as well as private equity firms, acted as the exclusive investment banking advisor to Industrial Opportunity Partners and Center. Quarton assists its clients with mergers and acquisitions, private capital raising, restructurings, valuations, and other financial advisory services. The firm is headquartered in Birmingham, MI (www.quartonpartners.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-18-12