Uni-World Capital Acquires Drake Manufacturing Services
NEW YORK, Oct. 14, 2014 /PRNewswire/ -- Uni-World Capital L.P., today announced that it has made a strategic growth capital investment in Drake Manufacturing Services Co., a leading manufacturer of precision CNC machine tools, based in Warren, Ohio.
Uni-World Managing Partner Christopher P. Fuller said, "Drake has been growing at a rapid pace with expanding international reach since 2008. We are confident that this trend will continue and we see new markets both in the United States and overseas."
In addition to providing capital, Uni-World and its advisory board will provide strategic and operational advice as the company executes on its plan.
"Drake is at an exciting point in its 42-year history and this new equity partnership will both sustain and increase our growth trajectory," said James Vosmik, president of Drake Manufacturing Services Co. "We are looking forward to working with Uni-World and its advisory board to build on Drake's position as a leading manufacturer of precision CNC machine tools for the U.S. and export markets."
Drake was founded in 1972 as a manufacturer of specialty machinery. Today, its precision CNC (Computer Numerical Control) machine tools are used in a broad range of threading, grinding and other applications. In 2006, the company began a special focus on machines and systems for threading and it has since earned a worldwide industry reputation as an expert source for complicated threading projects. Today, Drake possesses unsurpassed capabilities in: (i) designing and proving out innovative processes and methods for the manufacturing of threaded parts, (ii) manufacturing effective machine tool systems for realizing those methods, (iii) outstanding technical support and interaction with customers' operations teams, and (iv) highly consistent and reliable products.
Drake has 90 employees and will continue to be based in Warren, Ohio. Under the terms of the agreement, Drake's senior management will be significant equity owners in the company and remain in their current positions.
Scott Porter, the Uni-World partner who spearheaded the Drake acquisition, said, "Drake addresses large and growing worldwide markets and is in an excellent position with a respected brand name, a blue-chip customer base and a reputation for technical excellence. We are especially proud to be adding this Midwest manufacturing success story to the Uni-World portfolio of companies."
League Park Advisors, Cleveland, served as exclusive investment banker to Drake.
The Drake acquisition marks the second transaction for Uni-World year to date in 2014. In August, Lockport, NY-based VanDeMark Chemical Inc., a manufacturer of phosgene and phosgene derivatives, which is owned by Uni-World, acquired Framochem Kft, a manufacturer of phosgene products based in Hungary.
About Drake Manufacturing Services Co.
Drake Manufacturing Services Co. is recognized globally as a market leader for designing, building and servicing state-of-the-art precision CNC thread, worm and profile gear grinders as well as rack and thread milling machines. For more information, please visit http://drakemfg.com/.
About Uni-World Capital, L.P.
Uni-World Capital, L.P. is a private equity firm focused on making leveraged buyout and growth equity investments in lower-middle market companies. We seek to partner with management teams where we can leverage our team's collective business experience, corporate relationships and strategic and financial expertise in order to help enhance a company's strategic positioning and drive profitable growth. More information can be found at http://www.uniworldcapital.com.
Press Contacts
For Drake Manufacturing:
Nancy L. Halliday, Drake Manufacturing Services Co.
Phone: 330-847-7291
Email: [email protected]
For Uni-World:
David Allan, Ketchum Zito Financial
Phone: 646-935-4301
Email: [email protected]
SOURCE Uni-World Capital L.P.
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