Calvert Street Capital Partners has acquired Bloomingdale, Illinois-based Abrasive-Form, a maker of metal component parts including turbine blades, vanes, shrouds, rotors, and sprockets. No financial terms were disclosed. Livingstone advised Abrasive-Form on the deal.
CHICAGO October 27, 2015— Livingstone, an international mid-market M&A and debt advisory firm, is pleased to announce the sale of Abrasive-Form, Inc. (“Abrasive-Form” or the “Company”) to Calvert Street Capital Partners (“Calvert Street”). Deal terms were not disclosed.
Founded in 1976 and headquartered in Bloomingdale, Illinois, Abrasive-Form is one of the world’s largest independent precision creep-feed grinding manufacturers serving the industrial gas turbine (“IGT”), aerospace, automotive, and general industrial sectors. The Company’s product portfolio includes 400+ custom-engineered metal component parts including turbine blades, vanes, shrouds, rotors, and sprockets.
“Under the stewardship of Ken Kummer, John Harig, and the Abrasive-Form management team, the Company has developed a leading global market position in the niche precision form grinding sector,” said Karl Freimuth, Director at Livingstone. “We are proud to have advised Abrasive-Form on a successful sale and to have found an ideal partner in Calvert Street to support the Company’s ambitious future growth plan.”
Calvert Street has focused on partnering with owner-operators and managers of family-owned businesses since its inception in 1995 and identified Abrasive-Form as a priority investment target early in the sale process. “We are thrilled to have found a partner who shares our vision for the next evolution of Abrasive-Form. With their growth orientation and operational expertise, Calvert Street will help us accelerate the implementation of our strategic growth plan to better serve our global customer base,” said John Harig, President of Abrasive-Form.
Ken Kummer, Founder and CEO of Abrasive-Form added: “Livingstone’s Industrial team immersed themselves in the unique intricacies of our business, developed an outstanding offering package, and provided sound advice throughout the process. Livingstone’s thoughtful approach and professionalism from deal inception to closing were critical to delivering a successful transaction outcome.”
Abrasive-Form is Livingstone’s latest transaction in the power generation sector, a growing focus for the firm’s global Industrial team. Livingstone’s previous transactions in this sector include the sale of Ultravolt to Advanced Energy Industries, Professional Power Products to Power Solutions International, Koontz Wagner Custom Controls to Global Power Equipment, and Applied Kilovolts to ITT Exelis.
Godfrey & Kahn S.C. served as legal counsel to Abrasive-Form. Willkie Farr & Gallagher LLP advised Calvert Street.
About Calvert Street Capital Partners
Calvert Street Capital Partners is a lower middle market private equity firm based in Baltimore, Maryland. Over its history, Calvert Street has developed a strong commitment to investing across the industrial services, business services, healthcare IT, and specialty manufacturing sectors. Since its inception in 1995, Calvert Street has focused on partnering with owner-operators and skilled management teams of family-owned businesses in the lower middle market to drive profitable growth and organizational transformation.
Livingstone is an international mid-market M&A and debt advisory firm of 100 professionals closing 60 transactions around the world each year.