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Montage Acquires METALfx

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Montage Partners has acquired Advanced Manufacturing and Development (DBA METALfx) from Avista Corporation. METALfx’s existing management team will continue to lead the company in partnership with Montage.

METALfx is a provider of sheet metal fabrications, enclosures, assemblies, and wood composite components across a range of industries, including aerospace, food service, industrial, medical, semiconductor, test and measurement, and transportation. The company specializes in parts that are complex and subject to high precision and tight tolerances.

In addition to its manufacturing capabilities which include CNC machining, laser cutting, welding, assembly, powder coating, silkscreen, wet paint, and plating, the company also provides prototyping and engineering support services. METALfx, founded in 1976 and acquired in 1995 by Avista, has a 125,000 sq. ft. facility in the northern California city of Willits (www.metalfx.com).

“Today marks the beginning of an exciting time for METALfx, and we are delighted to be working with Montage Partners to reach our next phase of growth as an independent company,” said Henry Moss, president and a shareholder of METALfx. “With Montage Partners’ support and guidance, we look forward to delivering more value to our customers through enhanced capabilities and engineering-driven solutions.” Gordon Short, who has served as President of METALfx for the past 19 years, will remain a shareholder in the company and will be a member of its board of directors.

Montage Partners invests in companies in the Western US with EBITDA between $1 million and $5 million. The Scottsdale, AZ-based firm was founded in 2004 and is led by managing partners Jordan Tate and Rob Wolfman (www.montagepartners.com).

“METALfx is a value-add, long-term partner to some of the most innovative companies across the US,” said Mr. Wolfman. “We’re thrilled to be partnering with Henry Moss, Gordon Short, and the long-standing management team at METALfx, and to support the company as it makes additional investments in people, technology, and equipment to better serve its customers. We realized early in our relationship with METALfx that the company is hyper-focused on exceeding customer expectations through its ‘engineering-first’ approach and focus on people. These values align well with our cultural ethos and it soon became clear that our partnership would be a strong fit.”

Avista Corporation (NYSE: ASA), the seller of METALfx, is a Spokane, WA-based energy company that generates and transmits electricity and distributes natural gas to residential, commercial, and industrial customers (www.myavista.com).

Seattle, WA-based Meridian Capital (www.meridianllc.com) was the financial advisor to METALfx and Arlington, VA-based Asenti Diligence Partners (www.asentipartners.com) provided financial due diligence services to Montage Partners.

St. Louis-based Enterprise Bank & Trust (www.enterprisebank.com) and St. Louis-based Eagle Private Capital (www.eagleprivatecapital.com) provided debt financing to support the transaction.

© 2019 Private Equity Professional | April 22, 2019

Hidden Harbor Closes on Fourth Platform

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Hidden Harbor Capital Partners has acquired sister companies Anchor Danly and AWC Manufacturing.

Anchor Danly is an international manufacturer and distributor of die sets, components, steel plates, and metal fabrications that are used in the production of tools, dies, and molds for metalworking and plastics injection molding, machine bases, mining and construction equipment. According to the company, they are the largest North American manufacturer of large engineered die sets used by the automotive and automotive parts industries.

Other users of the company’s products include manufacturers of industrial and textile machinery, motors, generators, electronic equipment, aircraft, diesel and other internal combustion engines. Anchor Danly has manufacturing facilities in Windsor, Cambridge, and Tilbury, ON; Montreal, QC; Ithaca, MI; and Los Angeles, CA. The company was founded in 1922 and is headquartered in Windsor, ON (www.anchordanly.com) (www.alloy-welding.com).

“We are thrilled to partner with Hidden Harbor,” said Mike Hayton, President of Anchor Danly and AWC. “Their deep operational resources and manufacturing expertise will help us execute against our significant growth opportunities while continuing to deliver exceptional service to our existing customers.”

Hidden Harbor makes investments in US-based companies with revenues between $50 million and $500 million and EBITDA from $5 million to $25 million. Sectors of interest include industrials, transportation and logistics, business services, and consumer products. Hidden Harbor is based in Boca Raton (www.hh-cp.com).

“In partnership with the Anchor Danly and AWC management teams, we look forward to executing on a comprehensive growth strategy and providing operational and financial resources to help the company effectively scale its operations,” said Chris Paldino, a Founding Partner at Hidden Harbor.

“Over its nearly 100-year operating history, Anchor Danly has established itself as the market leading brand in die sets and plates, recognized for its superior quality, technical expertise, customizable product portfolio, broad service offering and responsive delivery to its loyal customer base,” said Andrew Joy, a Principal at Hidden Harbor.

Anchor Danly is the fourth platform investment for Hidden Harbor. The three earlier transactions were the July 2018 acquisition of Rohnert Park, CA-based Masterwork, a provider of printed circuit board assembly services and cable and harness assembly; the May 2018 acquisition of Fort Smith, AR-based Cloyes Gear and Products, a designer, manufacturer and distributor of timing drive systems and components for replacement applications in the automotive aftermarket and high-performance racing segment; and the August 2017 acquisition of Stella Environmental, a provider of municipal solid waste transfer station management and transportation services in the Texas and southwestern US market.

Czech Asset Management provided debt financing for the buy of Anchor Danly. Czech has approximately $4.5 billion of committed capital under management and makes asset-based and cash-flow, first and second lien floating-rate senior secured loans primarily to US-based middle market companies that have annual revenue of $75 million to $500 million and EBITDA of $7.5 million to $50 million. The firm was founded in December 2011 by Stephen Czech and is headquartered in Old Greenwich, CT (www.czechamlp.com).

Lincoln International (www.lincolninternational.com) was the financial advisor to Anchor Danly and Configure Partners (www.configurepartners.com) was the financial advisor to Hidden Harbor.

© 2018 Private Equity Professional | September 21, 2018

Resilience Acquires Porter’s Group

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porters nf1Resilience Capital Partners has acquired Porter’s Group, a provider of metal fabrication services to the security, military, mining, heavy equipment and trucking industries.

Porter’s Group (DBA Porter’s Fabrications) manufactures fabricated metal parts.  Products include grill faces, control panels, heavy equipment doors and brackets, ATM vaults and cash dispensers, and a wide variety of other fabricated metal parts.  The company has approximately 470 employees and is headquartered in Bessemer City, NC with four production facilities in North Carolina, South Carolina and Virginia (www.portersfab.com).

Bassem Mansour nf1“We are look forward to working with the management team of Porter’s to continue evolving the business into a world class leader in metal fabrication solutions,” said Bassem Mansour, Co-CEO of Resilience.

Porter’s Group was sold to Resilience by Charles Saleh, Porter’s CEO and majority shareholder.  “It has been a pleasure working with the whole Resilience team over the past several months. They clearly differentiated themselves with their understanding of the business. I feel they have the necessary resources to take Porter’s to a new level of excellence,” said Mr. Saleh.

Resilience specializes in investing in middle market companies with $25 million to $250 million in revenues across a range of industries. Since its founding in 2001, Resilience has acquired 48 companies under 26 platforms with over $2 billion in revenues. The firm is based in Cleveland (www.resiliencecapital.com).

“With its wide range of capabilities, Porter’s differentiates itself from its competitors and is uniquely positioned for future growth alongside our blue-chip customer base,” said Ki Mixon, a Partner at Resilience.

© 2015 PEPD • Private Equity’s Leading News Magazine • 9-1-15

Wynnchurch Acquires Imperial Group, Forms New Platform

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imperial group nfWynnchurch Capital has acquired Imperial Group, a metal fabricator, from Accuride Corporation. Wynnchurch partnered on this transaction with BMO Mezzanine Fund and the management team of Imperial led by Chief Executive Officer Terry Wogan.

Imperial is a metal fabricator supplying light and medium gauge fabricated metal components, metal stampings, and assemblies to heavy truck, bus, and industrial OEMs. Imperial has operations in Denton, TX (headquarters); Decatur, TX; Portland, TN; Dublin, VA; and Chehalis, WA (www.imperialgroup.com).

“Imperial has built an impressive franchise in the metal fabrication industry and is well positioned to take advantage of the anticipated recovery in its end markets. Our goal is to help transform the company into a world-class supplier and a value-added partner to our customers,” said Ian Kirson, Managing Director at Wynnchurch.

The Imperial investment follows Wynnchurch’s acquisition of Detroit Tool Metal Products which was completed in June 2013 (Wynnchurch Buys Detroit Tool, Launches Metal Roll-Up).

Imperial and Detroit Tool Metal Products will operate as subsidiaries of Ironform Holdings Co., a new platform company formed by Wynnchurch. The combination of Imperial and Detroit Tool Metal Products forms one of the largest metal fabricators serving the heavy truck, bus, and off-highway markets in North America. Wynnchurch intends to continue to pursue strategic acquisitions under the Ironform Holdings umbrella and build a metal fabrication platform with industry leading capabilities and a presence in the Midwest, South, Southeast, and West Coast.

“Imperial represents the tenth corporate carve-out transaction in Wynnchurch’s history. We are excited to continue to build the Ironform platform with the highly complementary acquisition of Imperial,” said John Hatherly, Managing Partner of Wynnchurch stated. “Wynnchurch is proud to partner with Terry Wogan and his team to build a metal fabrication business with best-in-class quality, delivery, and customer service.”

Wynnchurch Capital makes investments of $10 million to $90 million in middle-market companies that have revenues of $5 million to $500 million. Sectors of interest include niche manufacturing, transportation & logistics, business services, value-added distribution, energy and power services, general industrials, and metals & mining. Wynnchurch Capital was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Detroit and Toronto (www.wynnchurch.com).

Senior debt financing for the transaction was provided by Regions Business Capital.

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-15-13

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