MVC Capital has sold Vestal Manufacturing Enterprises to Spell Capital Private Equity. MVC first invested in Vestal in April 2004.
Vestal is a manufacturer of fabricated steel and cast iron products primarily used in residential housing construction. Vestal also casts water meter covers used in municipal infrastructure construction and repair. The company ‘s facilities consist of a 103,000 square-foot foundry pouring Class 30-35 gray iron and a 105,000 square-foot steel-fabrication plant. Vestal was founded in 1946 and is headquartered south of Knoxville in Sweetwater, TN (www.vestalmfg.com).
Spell Capital Partners makes control investments of $3 million to $15 million in industrial manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1.5 million. The firm is based in Minneapolis (www.spellcapital.com).
MVC Capital invests from $3 million to $25 million in middle market companies that have revenues of $10 million to $150 million and EBITDAs of $3 million to $25 million. Sectors of interest include consumer products; industrial manufacturing and services; food and food services; financial services; value-added distribution; and specialty chemicals. The firm is traded on the NYSE under the symbol MVC and is headquartered near White Plains in Purchase, NY (www.mvccapital.com).
The Chicago Corporation (www.thechicagocorp.com) was the exclusive financial advisor to Vestal Manufacturing.
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-24-15
