Avon Machining, a portfolio company of Speyside Equity, has acquired Michigan-based Plasma-Tec, a precision supplier for rapid turnaround of machined wear components. No financial terms were disclosed.
SHELBY TOWNSHIP, Mich., Oct. 22, 2019 /PRNewswire/ — Avon Machining is excited to announce the acquisition of Plasma-Tec on October 21, 2019. This opportunity is aligned with Avon Machining’s growth strategy by enhancing our capabilities and expanding into new industries.
Avon Machining is a leading manufacturer of large, complex, precision parts for the Aerospace, Defense, Construction, Mining, Energy, and Agriculture industries in North America and beyond. As a Tier 1 supplier to OEMs, Avon Machining will collaboratively engineer and provide the part solution that maximizes long term reliability, durability, and overall cost effectiveness for its customers.
Chad Fietsam, CEO for Avon Machining commented: “As a reliable, cost-effective domestic source for high-quality precision parts, we look forward to expanding the strong relationships Plasma-Tec has built over the past 38 years with several leading OEMs.”
Avon Machining, a portfolio company of Speyside Equity Fund I LP, acquired the assets of Avon Gear in May 2017. Avon Gear was founded in 1974 in a 10,000 square foot building in Rochester, MI. Throughout the years, Avon Machining has expanded its manufacturing footprint, increasing to the current 110,000 square foot facility located in Shelby Township, Michigan. Avon Machining was named by the Detroit Free Press as a Top Workplace in 2018.
About Speyside Equity
Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals/minerals, metal forming and fabrication, plastics, building products, food ingredients, and other industrial businesses. Speyside targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. Speyside prefers situations where there are opportunities to leverage its operating expertise to improve financial performance and create sustainable long-term value.
Since closing Speyside Equity Fund I LP in 2016, Speyside has closed 18 acquisitions across the United States, Canada, and Western Europe. Speyside’s portfolio companies generate total revenues of over $1.0 billion while employing over 3,000 people. The transactions have included diverse situations including corporate carve-outs, public to private conversions, private sales, and purchases of distressed debt and assets out of bankruptcy.