Selmet, a portfolio company of Blue Point Capital Partners, said Monday that it has acquired Onamac Industries. No financial terms were disclosed. Based in Everett, Wash., Onamac is a maker of machined components and assemblies to the aerospace and defense sector.
SEATTLE, WA–(Marketwired – Aug 4, 2014) – Blue Point Capital Partners, in conjunction with its portfolio company, Selmet, Inc., announced today the acquisition of Onamac Industries, Inc., a leading manufacturer and supplier of complex machined components and assemblies to the aerospace and defense industry.
“The acquisition of Onamac is a direct result of a growth initiative that Blue Point and Selmet began pursuing early last year,” said Mark Morris, a partner with Blue Point. “As the aerospace industry continues to rely on the use of titanium to reduce weight and enhance fuel efficiency in aircraft, Selmet continues to look for ways to provide additional value to its customers. Onamac will augment Selmet’s production capabilities and further enhance its value-add offering to customers.”
Selmet (www.selmetinc.com) is a leading titanium castings supplier to the global aerospace and defense industry. Headquartered in Albany, OR, the Company manufactures complex titanium parts, including engine, airframe and other aircraft and military components. The Onamac transaction represents the first add-on acquisition for Selmet, which was acquired by Blue Point as a platform investment in November 2011.
Rick Kenyon, chief executive officer of Selmet, said, “Onamac’s ability to machine titanium and other aerospace components will allow Selmet to integrate our complementary processes, offering a high degree of quality and control to our customers. With an established reputation as a quality supplier of machined components, deep relationships with its key OEM and Tier 1 customers and its proximity to Selmet, Onamac is an attractive fit. The two companies complement each other very well.”
Operating out of Mukilteo, WA, Onamac’s products are used in various areas within an aircraft, including landing gear, wings, control surfaces and doors. Onamac has focused on enhancing its capabilities and leveraging its strong customer relationships to increase penetration on key aerospace production and spares programs. As a result, Onamac is well positioned for continued production increases in the commercial aerospace industry.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 24-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.