Milton Street launches manufacturer ProVeyance

• Concurrent with the formation of ProVeyance, Milton Street Capital has appointed Tim Carpenter as CEO
• Most recently, Carpenter was CEO of CST Industries and previously served as COO of Dayco and managed divisions of SKF and Rexnord
• Milton Street invests in North American manufacturing, rental, distribution and service companies

Milton Street Capital has formed ProVeyance Group with its recent acquisition of two Ohio-based companies Woodsage and Ashland. No financial terms were disclosed.

ProVeyance is a maker of advanced conveyance components and subsystems for package and material handling applications. The company also produces precision-fabricated tube products for niche applications.

Concurrent with the formation of ProVeyance, Milton Street Capital has appointed Tim Carpenter as CEO. He will also join the board of directors. Most recently, Carpenter was CEO of CST Industries and previously served as COO of Dayco and managed divisions of SKF and Rexnord.

“We have known and worked with Tim for many years,” said Bob Hogan, a managing partner at Milton Street Capital, in a statement. “His leadership, customer-centric mentality, and world class manufacturing experience make him the perfect fit for ProVeyance during its next chapter of growth.”

The Woodsage brand primarily manufactures specialty steel rollers and roller assemblies while the Ashland brand manufactures and assembles conveyor systems, sub-systems, and related parts and accessories.

Based in Houston, Milton Street invests in North American manufacturing, rental, distribution and service companies with EBITDA typically ranging from $5 million to $20 million.