High Street Capital has acquired Applied Process, a provider of metal heat treating services. This acquisition represents High Street’s fourth platform investment for its fourth fund.
Applied Process is a provider of high value-added heat treating services. The company’s heat treating service is differentiated by the use of Austempering, an isothermal heat treatment that when applied to ferrous materials produces a structure that is stronger and tougher than comparable structures produced with conventional heat treatments. Applied Process was founded in 1993 by John Keough and his family. The company is based just outside Detroit in Livonia, MI (www.AppliedProcess.com).
“High Street Capital is looking forward to working with the world-class leadership team and employees of Applied Process to continue the company’s mission to ‘grow the pie’ for Austempering,” said Dick McClain, a Principal at High Street Capital.
High Street Capital acquires, recapitalizes and provides growth capital to outsourced business services, value-added distribution and manufacturing companies that are located in the central US and have revenues from $10 million to $100 million. High Street Capital is based in Chicago (www.HighStreetCapital.com).
“Austempering offers our customers a cost effective way to obtain stronger, lighter and less expensive parts. With High Street Capital as our new capital partner, we have the added resources to expand our capabilities, continue to improve upon our already industry-leading service, and to expand geographically,” said John Wagner, President of Applied Process.
“We are pleased that we have a strong partner in High Street Capital going forward. My family and I will maintain a significant capital interest in the business. I will continue as a director and will be, as always, actively engaged in the growth of the business and the profitable conversion of components from one material/process combination to a better, faster, cheaper one,” said John Keough, the company’s founder.
2014 PEPD • Private Equity’s Leading News Magazine • 8-21-14