RELATED: Survey offers glimpse of Dayton manufacturing wages
Terms were not disclosed.
The acquisition is the first investment for CapitalWorks Fund IV, L.P., CapitalWorks’ fourth private equity fund.
CapitalWorks will partner with Rick Wiegand, Gem City’s chief executive, and President Tim O’Meara on the next steps. O’Meara has been with Gem City for over four decades.
RELATED: Local company 3-D prints its way into prosthetics industry
“We look forward to working with the Gem City team to grow the business,” CapitalWorks Managing Director Todd Martin said in a statement.
Serving the defense, aerospace, medical, optical communications, packaging, robotics and semiconductor markets, Gem City specializes in highly automated, custom equipment and complex assemblies.
“We are excited to partner with CapitalWorks and their network of industry experts to continue the evolution of Gem City,” Wiegand said in the firms’ joint announcement. “They have a deep understanding of our industry and we value their strategic vision along with the resources brought to us by their network.”
Gary Pinard, former president and owner of TecoMetrix; J.D. Sullivan, former CEO of Mayfran International; and Joe Brown, president of Tailwind Technologies, will join the Gem City board, the companies said.
RELATED: Fuyao employees reject UAW bid by wide margin
Oxer Capital provided subordinated debt and senior financing was provided by PNC Business Credit.
About the Author
