Remmele Engineering Inc., a portfolio company of Goldner Hawn, has acquired EL-Tronic Precision Inc., a Coon Rapids, Mich.-based provider of engineering and contract manufacturing services to the medical device industry. No financial terms were disclosed.
PRESS RELEASE
Goldner Hawn, a Minneapolis-based private equity firm, has sponsored a significant acquisition by its portfolio company Remmele Engineering, Inc. (Remmele). On January 18, 2008, Remmele acquired Coon Rapids, Minn.-based EL-Tronic Precision, Inc. (EL-Tronic), a provider of engineering and contract manufacturing services to the medical device industry.
EL-Tronic, a family-owned company specializing in high-precision, close-tolerance machining of metal components, will be operated as a separate, wholly-owned subsidiary of New Brighton, Minn.-based Remmele. Acquired in 2007 by Goldner Hawn, Remmele is a leading designer and producer of highly engineered, precision-manufactured components and complex automated assembly systems.
“EL-Tronic's blue-chip customer base in the fast-growing medical device industry, unique engineering and manufacturing capabilities, and outstanding management team and work force make it a great addition to the Remmele family,” said Rich Pogue, President and CEO, Remmele Engineering. “We are delighted to join forces with EL-Tronic, as it adds complementary opportunities to the strong organic growth we have recognized in our core markets.”
Bob Lynch, who was President of EL-Tronic and will remain with the company as its General Manager, added: “We chose Remmele as an acquisition partner because of its outstanding reputation. Its engineering and manufacturing expertise, coupled with our shared strategic vision and cultural values, make this a unique partnership.”
EL-Tronic will continue to operate out of its Coon Rapids facility and will operate under the name “EL-Tronic, a Remmele Engineering Company.” The company does not expect significant changes to its day-to-day operations.
“The addition of EL-Tronic to Remmele's portfolio illustrates Goldner Hawn's commitment to helping our portfolio companies grow their businesses,” said Gary Obermiller, Managing Director of Goldner Hawn and Chairman of the Board of Remmele Engineering. “Both companies are strong; we want to make them stronger.”
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