Speyside Foundry Holdings, which is backed by Speyside Equity, has acquired two Pennsylvania-based casting companies: Hazleton Casting Company and Weatherly Casting and Machine Company. No financial terms were disclosed.
ANN ARBOR, Mich., June 18, 2019 /PRNewswire/ — Speyside Foundry Holdings, a portfolio company of Speyside Equity Fund I LP, announces the acquisition of Hazleton Casting Company and Weatherly Casting and Machine Company. Hazleton Casting Company is located in Hazleton, PA and Weatherly Casting and Machine Company is located in Weatherly, PA. Both transactions were completed on 6/12/2019.
Hazleton Casting Company is a steel foundry specializing in alloy steel casting. The Hazleton facility has operated continuously since the early 1900’s. The company has multiple induction furnaces, simulation software and in-house 3-D printing to provide customers with a range of technical capabilities and the ability to cast, machine, assemble and test large complex products.
Weatherly Casting and Machine Company, a sister company to Hazleton Casting Company, is an iron and iron alloy foundry specializing in very large castings. Weatherly provides machining services along with other value-add services such as laboratory and non-destructive testing.
Jeffrey Stone, Managing Director for Speyside, commented: “Hazleton and Weatherly offer a fuller suite of solutions, both alloys and capabilities, for our existing portfolio foundries Sawbrook and Ashland. As the industry has been consolidating in North America over the past several decades, we strive to provide our customers with high quality, dependable and sustainable long-term partnerships.”
About Speyside Equity
Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals/minerals, metal forming and fabrication, plastics, building products, food ingredients, and other industrial businesses. Speyside targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. Speyside prefers situations where there are opportunities to leverage its operating expertise to improve financial performance and create sustainable long-term value.
Since closing Speyside Equity Fund I LP in 2016, Speyside has closed 18 acquisitions across the United States, Canada, and Western Europe. Speyside’s portfolio companies generate total revenues of over $1.0 billion while employing over 3,000 people. The transactions have included diverse situations including corporate carve-outs, public to private conversions, private sales, and purchases of distressed debt and assets out of bankruptcy.