Manufacturing Divestitures in 2020
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December 22, 2020
- Buyer
- Shanghai Wanye Enterprises Co., Ltd.
- Target
- Compart Systems Pte Ltd.
- Seller
- Platinum Equity
- Industry
- Manufacturing
- Location
- Singapore
- Type
- Divestiture
Platinum Equity has sold Compart Systems Pte Ltd., a Singapore-headquartered precision-machined components manufacturer with operations in China and Malaysia, to Shanghai Wanye Enterprises for approximately $398 million. Platinum Equity said it developed Compart into a technology-driven manufacturing solutions provider through operational improvements and add-ons; Shanghai Wanye acquires the business to expand its manufacturing capabilities and growth plans.
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December 16, 2020
- Target
- Vestal Manufacturing
- Seller
- Spell Family Office, Spell Capital Partners
- Industry
- Manufacturing
- Location
- United States
- Type
- Divestiture
Spell Capital Partners (the Spell Family Office) announced the sale of portfolio company Vestal Manufacturing, a producer of foundry cast iron and steel fabricated components serving municipalities, OEMs and the home building/hearth industries. Spell acquired Vestal as a platform in 2015 and, during its ownership, grew revenues, improved profitability and expanded product offerings; the buyer was not disclosed in the announcement.
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December 1, 2020
- Buyer
- American Industrial Partners
- Target
- Commonwealth Rolled Products
- Seller
- Novelis
- Industry
- Manufacturing
- Location
- Kentucky, United States
- Type
- Divestiture
American Industrial Partners (AIP) completed its purchase of the former Aleris North American automotive and common-alloy aluminum rolled products business on December 1, 2020. The divested business (renamed Commonwealth Rolled Products) includes the Lewisport, Kentucky production facility and a Madison Heights, Michigan R&D center; AIP intends to invest in and upgrade the Lewisport mill to expand its automotive body sheet capabilities.
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October 13, 2020
- Buyer
- Chart Industries, Inc.
- Target
- Worthington Industries' Cryogenic Trailer and Hydrogen Trailer Business (Theodore, AL assets)
- Seller
- Worthington Industries, Inc.
- Industry
- Manufacturing
- Location
- Alabama, United States
- Type
- Divestiture
Chart Industries completed the acquisition of Worthington Industries' cryogenic trailer and hydrogen trailer transport assets, including the Theodore, Alabama manufacturing site, related IP, equipment and repair backlog. The facility (approximately 300,000 sq ft) and its employees will join Chart as the company expands its mobile cryogenics and hydrogen transport capabilities, with expected hydrogen-related revenue from the site of $15–20 million in 2021 (with upside).
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- Buyer
- Spiritwear.com
- Target
- Organized SportsWear
- Seller
- CriticalPoint Capital
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Divestiture
Spiritwear.com has acquired the assets of Organized SportsWear from CriticalPoint Capital. The acquisition combines two custom school-apparel providers—bringing Organized SportsWear’s screen‑printing and embroidery manufacturing capabilities into Spiritwear.com’s national spirit‑wear platform; terms were not disclosed.
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August 24, 2020
- Buyer
- Sunset Printing and Brand Management Solutions
- Target
- Remco Press
- Seller
- Anthony Skalicky Jr. / Remco Press (Skalicky family)
- Industry
- Manufacturing
- Location
- New Jersey, United States
- Type
- Divestiture
Wharton, N.J.-based Sunset Printing and Brand Management Solutions has acquired the book of business of Remco Press of N.J., a small family-owned commercial print shop in North Bergen, N.J. The deal, brokered by Graphic Arts Advisors, transfers Remco customers and specialty multi-process printing capabilities to Sunset while the Remco owner transitions into a sales role at Sunset.
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- Buyer
- National Safety Apparel, Inc.
- Target
- Wild Things, LLC
- Seller
- ASGARD Partners & Co.
- Industry
- Manufacturing
- Location
- Virginia, United States
- Type
- Divestiture
National Safety Apparel, Inc. (NSA) has acquired Wild Things, LLC from ASGARD Partners & Co. Wild Things is a Virginia Beach–based designer and manufacturer of technical outerwear for military and law enforcement markets; NSA said the purchase will let Wild Things leverage NSA’s manufacturing resources, supply‑chain partnerships and expand its capabilities and growth potential.
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August 4, 2020
- Buyer
- Turnspire Capital Partners LLC, Infinity Engineered Products (affiliate of Turnspire)
- Target
- Goodyear Air Springs (STEMCO Air Springs)
- Seller
- EnPro Industries, Inc.
- Industry
- Manufacturing
- Location
- Ohio, United States
- Type
- Divestiture
Turnspire Capital Partners, through its newly formed platform Infinity Engineered Products, has acquired the Goodyear Air Springs business (also referenced as the STEMCO Air Springs business) from EnPro Industries. The transaction ( ~$39.5 million per seller filing) transfers the global brand license, manufacturing facilities, IP, R&D center in Fairlawn, Ohio, and personnel to the Turnspire affiliate as the first acquisition for the Infinity platform.
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- Buyer
- Astec Industries, Inc.
- Target
- CON-E-CO (Concrete Equipment Company, Inc.)
- Seller
- Oshkosh Corporation
- Industry
- Manufacturing
- Location
- Nebraska, United States
- Type
- Divestiture
Astec Industries (Nasdaq:ASTE) has acquired CON-E-CO, a concrete equipment manufacturer and former subsidiary of Oshkosh Corporation. CON-E-CO, headquartered in Blair, Nebraska, manufactures portable and stationary concrete batch plants, mixers and related systems; terms were not disclosed and Oshkosh was advised by Balmoral Advisors.
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- Buyer
- The C.A. Lawton Co., Oakland Standard
- Target
- Nidec Minster Corporation foundry (grey and ductile iron foundry)
- Seller
- Nidec Minster Corporation
- Industry
- Manufacturing
- Location
- Ohio, United States
- Type
- Divestiture
Nidec Minster Corporation sold its grey and ductile iron foundry to The C.A. Lawton Co., a portfolio company of Oakland Standard; the transaction closed on June 30, 2020. The foundry will operate under Oakland Standard’s Specialty Metals platform as a second location of C.A. Lawton; terms were not disclosed and Balmoral Advisors served as sell-side advisor to Nidec Minster.
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- Buyer
- Meridian Adhesives Group
- Target
- Adhesives division of John P. Kummer GmbH, AG and Ltd (JPK)
- Seller
- John P. Kummer GmbH, AG and Ltd (JPK)
- Industry
- Manufacturing
- Location
- Germany
- Type
- Divestiture
Meridian Adhesives Group announced the acquisition of the adhesives division of John P. Kummer (JPK), a European distributor of specialty materials for the electronics and medical markets. The adhesives business will be combined with Meridian-owned Epoxy Technology Europe Limited to form Epoxy Technology Europe GmbH; the equipment division of JPK will remain a separate entity. The deal is expected to close on April 30, 2020.
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- Buyer
- Gun Lake Investments
- Target
- Hall Technologies
- Seller
- Blackford Capital
- Industry
- Manufacturing
- Location
- Texas, United States
- Type
- Divestiture
Gun Lake Investments (GLI), a Grand Rapids-based economic development investment arm, has acquired Hall Technologies from private equity firm Blackford Capital. Hall Technologies, a Dallas-area Pro AV design and manufacturing company, will transition to GLI ownership to support its next stage of product development and growth.
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April 2, 2020
- Buyer
- Pine Island Capital Partners, LLC, Bain Capital Credit, LP, Compass Partners Capital, LLC
- Target
- Precinmac Precision Machining
- Seller
- GenNx360 Capital Partners
- Industry
- Manufacturing
- Location
- Maine, United States
- Type
- Divestiture
An investor group led by Pine Island Capital Partners with participation from Bain Capital Credit and Compass Partners Capital has acquired Precinmac Precision Machining from GenNx360 Capital Partners. Precinmac is a diversified manufacturer of high‑precision machined components and assemblies serving aerospace & defense, semiconductor and general industrial customers; financial terms were not disclosed.
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- Buyer
- Stepan Company
- Target
- NatSurFact (business of Logos Technologies LLC)
- Seller
- Logos Technologies LLC
- Industry
- Manufacturing
- Location
- Virginia, United States
- Type
- Divestiture
Stepan Company acquired the NatSurFact business, a rhamnolipid-based biosurfactants line, from Logos Technologies LLC. The acquisition adds fermentation-derived bio-surfactant technology to Stepan's specialty chemicals portfolio to support sustainability and expand end-market applications across agriculture, oilfield, personal care, and industrial cleaning.
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- Buyer
- SeAH Besteel Corporation
- Target
- Changwon Precision Extrusions
- Seller
- Arconic, Inc.
- Industry
- Manufacturing
- Location
- South Gyeongsang Province, South Korea
- Type
- Divestiture
SeAH Besteel Corporation has acquired Changwon Precision Extrusions (CPE) from Arconic, Inc. The acquisition gives SeAH access to CPE's hard-alloy aluminum extrusion, casting, and thermal-processing capabilities, diversifying SeAH's portfolio into non-ferrous specialty alloys and strengthening its position in aerospace and defense end markets.
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- Buyer
- Steelite International
- Target
- The Homer Laughlin China Company – Foodservice Division, The Hall China Company – Foodservice Division
- Seller
- The Homer Laughlin China Company, Wells family
- Industry
- Manufacturing
- Location
- West Virginia, United States
- Type
- Divestiture
Steelite International has acquired the foodservice divisions of The Homer Laughlin China Company and The Hall China Company (to be operated collectively as The Fiesta Tableware Company). The deal transfers manufacturing and sales of the sellers' foodservice product lines to Steelite so the Wells family can focus on the Fiesta retail business; terms were not disclosed.
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- Buyer
- Champlain Capital Partners
- Target
- FireKing Office & Consumer Products Division
- Seller
- FK Safety and Security, L.L.C., Pfingsten Partners
- Industry
- Manufacturing
- Location
- Indiana, United States
- Type
- Divestiture
Champlain Capital Partners has acquired the FireKing Office & Consumer Products Division (FireKing OCP) from FK Safety and Security, L.L.C., a portfolio company of Pfingsten Partners. Terms were not disclosed; Brown Gibbons Lang & Company served as exclusive financial advisor to the seller. The transaction transfers FireKing's office- and consumer-focused fireproof and secure storage business to Champlain, while FK Safety and Security retains FireKing's Security Products and Services divisions.
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March 1, 2020
- Buyer
- Ecosense
- Target
- Soraa
- Seller
- Soraa
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Divestiture
Ecosense, a Los Angeles-based LED technology company, acquired the Soraa name, intellectual property and lamp product lines (including VIVID, BRILLIANT HL and HEALTHY) from Soraa. The asset purchase expands Ecosense's product capabilities into the professional lamp / full-spectrum lighting category while Soraa will continue to operate as a distinct brand.
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February 21, 2020
- Buyer
- Optics11
- Target
- FAZ Technology
- Seller
- Fugro
- Industry
- Manufacturing
- Location
- Ireland
- Type
- Divestiture
Optics11 has acquired FAZ Technology, Fugro’s fibre-optic R&D and product arm, including the FAZT family of FBG interrogators. The deal transfers FAZ’s optical sensing technology and product portfolio to Optics11 while retaining a manufacturing and sales collaboration with Femto Sensing International (FSI).
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January 2, 2020
- Buyer
- Ag Express Electronics, Inc.
- Target
- The Daugherty Companies, Inc. (manufacturing and distribution divisions), Alliance Group Technologies
- Seller
- The Daugherty Companies, Inc.
- Industry
- Manufacturing
- Location
- Indiana, United States
- Type
- Divestiture
Ag Express Electronics (Des Moines, IA) acquired the assets of the manufacturing and distribution divisions of The Daugherty Companies (Warren, IN) effective January 1, 2020. The acquired assets include Alliance Group Technologies and The Vanguard System; operations will continue at the Warren facility and current employees were retained while The Daugherty Companies corporate entity remains in business providing Ag-Serv services.
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