MW Industries, Inc. Announces Acquisition of Hi-Tech Machine
LOGANSPORT, Ind., June 20, 2012 /PRNewswire/ -- MW Industries, Inc., a leading U.S. manufacturer of highly engineered specialty springs and fasteners, announced today that it has completed the acquisition of substantially all of the assets of Hi-Tech Machine.
Hi-Tech, of Concord, North Carolina, is a precision machining business that serves the medical, aerospace, military/defense and hand power tool markets. It is planned that Hi-Tech's equipment and customers will be integrated into MW's Springmasters Division, based in Greer, South Carolina, over the next few months. Brad Gryder, Owner and President of Hi-Tech, will be joining the Springmasters Organization to work on integration of the existing business base and drive growth opportunities that the combined strengths of Springmasters and Hi-Tech represent.
Bill Marcum, CEO of MW Industries, commented: "Hi-Tech Machine is an outstanding addition to the MW family. Brad Gryder built a solid base of machining capabilities with first class equipment and customer service. We look forward to taking this business to the next level as we combine it with our existing Springmasters Division in the Greenville, South Carolina, area."
Genstar Capital, a private investment firm, acquired MW in 2011.
"We continue to identify growth oriented companies and to successfully integrate them into our growing platform," added Mr. Marcum. "We have been working to build the company into a leading national competitor and each strategic acquisition has added enhanced product offerings and broadened MW's geographic reach."
About MW Industries
MW Industries, Inc., headquartered in Chicago, Illinois, is a leading provider of highly engineered springs, specialty fasteners and other precision components to more than 23,000 customers. Its 40,000+ products are sold through a combination of direct sales, catalogs and distributors to original equipment manufacturers and aftermarket customers in a number of industries, including medical, heavy truck, electronics, agriculture and construction, military and aerospace, energy and automotive.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, software and software services, financial services, and industrial technology industries."
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