BROOKLYN CENTER, Minn., Dec. 9, 2015 /PRNewswire/ -- Heartland Equity Partners today announced that it has acquired Cass Screw Machine Products, of Brooklyn Center, Minnesota. Heartland partnered with Cass President and CEO, Steve Wise, to reach a deal for the 70-year-old company, which produces precision machined parts for original equipment manufacturers throughout the Midwest as well as nationally and internationally.
Heartland's investment was worked out with Wise and Dale and Greg Greenwald, whose families have owned Cass Screw for more than 35 years. The Greenwalds were seeking retirement, but also looking for an investor who would care for their legacy and honor the company's history and values.
"Heartland's philosophy of 'buy and hold' became clear as we got to know the group," said Wise. "These were people who understood the value of legacy, relationships, and families. They acted with integrity throughout the process and never wavered from their beliefs." All 127 employees will stay with the company.
Immediately following the transaction, Cass Screw began a 26,000 square foot addition to one of its five buildings. The additional space will be used to streamline shipping and to support expansion of machining operations.
Cass Screw Machine Products has been providing precision machined parts to customers for over 70 years. For more information, visit www.csmp.com. Contact: Steve Wise, 763-535-0501.
Heartland Equity Partners was formed in 2014 to make majority investments in upper-Midwest companies with a focus on growth, good stewardship, and long-term retention. The fund is actively seeking additional investments. For more information, visit www.Heartland.fund. Contact: Tom Ahonen, 612-940-4427.
SOURCE Heartland Equity Partners