Brixey & Meyer Capital has acquired Stillwater Technologies, a provider of precision machining and resistance welding solutions for the communications, aerospace, defense, automotive and energy sectors. The sellers were Bill and Wanda Lukens. No financial terms were disclosed.
DAYTON, Ohio and CINCINNATI, Aug. 26, 2016 /PRNewswire/ — Brixey & Meyer Capital (collectively with its affiliated entities, “BMC”) announced today it has acquired Stillwater Technologies (“Stillwater”). Stillwater is a leading supplier of precision machining and resistance welding solutions to the communications, aerospace, defense, automotive and energy sectors. Stillwater was purchased from Bill and Wanda Lukens.
“Throughout the company’s 58 year history, Stillwater has built a strong reputation with its customers and the community as a direct result of the leadership of Bill Lukens,” said David Brixey, Managing Director of Brixey & Meyer Capital. “The company will strive to continue that leadership with a commitment to provide the highest quality service to customers while maintaining a great place to work for the company’s employees, our most important assets.” Brixey further added, “Bill and Wanda Lukens have been long-standing pillars in the Community and there will be big shoes to fill following them but Brixey & Meyer is known for giving back to the communities they serve as well.”
Founded in 1958 by Charles F. Lukens, Stillwater began as a small tool and die company in West Milton, Ohio. After moving to Troy, Ohio in 1961, Bill Lukens joined Stillwater and purchased the company in 1978 from his father. Stillwater currently has approximately 90 full-time employees. Stillwater serves a wide range of customers including Fortune 500 companies to small regional machine shops across the United States.
“The reason that we chose Brixey & Meyer Capital is their methodology and commitment to further investment in building the capacity and capabilities of the business, which will give our valued employees continued opportunities to thrive and grow,” said Bill Lukens. “Much like we have, it is important to Brixey & Meyer Capital to ensure our employees have a great place to work so they remain committed to providing our customers with the highest level of quality and service. Simply put, they share our values and philosophies of strong work ethic, commitment to our customers and sense of community as we have for so many years.”
Bill Diederich will succeed Bill Lukens as CEO and Michael van Haaren will remain as President & COO.
Stillwater is the second acquisition of BMC’s first fund, the BMC Growth Fund, LLC. The BMC Growth Fund, LLC is an $18.0 million dollar fund launched in November 2015 which invests in lower middle market companies generating $1.0 to $3.0 million of cash flow.
About Brixey & Meyer Capital:
Brixey & Meyer Capital is a lower middle market private equity investment firm with offices in Dayton, Cincinnati, and Columbus, Ohio. The core team of David Brixey and Patrick Odell have a deep background in operations, financial management and transactions in organizations large and small. This experience is brought to bear with each of the portfolio companies.
For more information about Brixey & Meyer Capital, please visit: www.brixeyandmeyercapital.com