precision machining

Tribus Aerospace, a portfolio company of Shorehill Capital, has acquired Midwest Precision Holdings.

Midwest Precision (formerly Midwest Screw Products) is a manufacturer of components used in aerospace, defense, energy and engineered products applications. The company specializes in close tolerance CNC machining of all types of stainless steels, nickel alloys, titanium, aluminum, steel, brass and plastics in complex configurations.

Midwest Precision was founded in 1953 and has a 38,000 sq.-ft. manufacturing and headquarters facility near Cleveland in Eastlake, OH (www.midwestllc.com).

Tribus Aerospace is an aerospace, defense and industrial manufacturing company.  Shorehill formed Tribus in June 2017 to acquire Advanced Machining & Tooling (AMT), a manufacturer of complex, precision machined parts and assemblies used in the aerospace, military, space, industrial, medical, electronics, and laser industries. AMT’s machining capabilities include precision CNC machining, electrical discharge machining (EDM), and waterjet cutting. The company is headquartered near San Diego in Poway, CA (www.tribusaerospace.com) (www.amtmfg.com).

In March 2018, Tribus acquired Grand Rapids, MI-based Precision Aerospace and its sister company Precision Micro Mill, manufacturers of complex parts and assemblies for a range of commercial aerospace and defense applications (www.precision-aerospace.com).

“Midwest Precision is our fourth acquisition since founding Tribus Aerospace in June 2017. The acquisition of Midwest Precision is aligned with our strategy to be the supplier of choice for precision power, propel and control product solutions,” said Bob Ellithorpe, chief executive officer of Tribus.

Tribus continues to seek additional acquisitions of aerospace and defense-focused manufacturing companies. “Our growing platform delivers value-added product solutions to our OEM and Tier I customers, who are seeking best-in-class suppliers to support their growth,” said Simon Farhi, co-chairman and chief financial officer of Tribus.

Shorehill Capital makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values of $25 million to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital.  Shorehill is based in Chicago (www.shorehillcapital.com).

Antares (www.antares.com) provided debt and equity capital to Tribus to back the acquisition of Midwest Precision.

© 2019 Private Equity Professional | March 13, 2019

Selmet, a portfolio company of Blue Point Capital Partners, has acquired Western Metrology, a manufacturer of aerospace components.  The Western transaction represents the second add-on acquisition for Selmet, which was acquired by Blue Point as a platform investment in November 2011.  Selmet completed its first add-on acquisition in July 2014 with the purchase of Onamac Industries.

Western Metrology manufactures precision aerospace, commercial and military components. The company is based south of Portland in Wilsonville, OR (www.westernmet.com).  “Western has exceptional knowledge and ability in machining and measuring complex castings, such as those manufactured by Selmet,” said Mark Morris, a partner with Blue Point.  “Blue Point and Selmet have continued the acquisition growth initiative we started in 2013, and the Western acquisition enhances Selmet’s expertise and provides additional capacity for machining titanium castings.”

Selmet is a manufacturer of complex titanium investment castings for the aerospace and defense industries. Products include engine, airframe and other aircraft and military components. The company is based south of Portland in Albany, OR (www.selmetinc.com).

“With expertise in machining, CMM programming, development and inspection of titanium castings, Western has been one of Selmet’s strongest technical machining partners and is an ideal tuck-in for the platform,” said Rick Kenyon, CEO of Selmet.  “The Western acquisition expands Selmet’s machining capabilities and immediately strengthens our inspection capabilities and talent.”

Blue Point Capital Partners is a lower middle market private equity firm that invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue. The firm has over $800 million in committed capital and has offices in Charlotte, Cleveland, Seattle and Shanghai (www.bluepointcapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-10-15