NEWTOWN, Pa., July 26, 2013 /PRNewswire/ -- Joshua Partners, a leading investment firm focused on lower middle market companies, announced today that Precision Engineered Technologies, LLC ("Precision"), its precision machining platform company, has acquired Imperial Machine and Tool Company ("Imperial" or the "Company"), a leading precision boring & machining company based in Wadsworth, Ohio near Akron.
Charles Corpening, the Chairman and Founder of Joshua Partners, said, "The team at Imperial has built the Company into a leading provider of turning, milling, and boring of rough steel into finished parts. Imperial provides dedicated and complex machining services to long term customers in several high growth markets, including the hydraulic fracturing ("fracking") segment of the oil & gas industry and the steel industry. With sophisticated machining capabilities, state of the art capital base, and seasoned, expert machinists, Imperial is uniquely positioned to service their long term and growing customer base. We are confident that with a stable source of capital and additional expertise from Joshua Partners we can work with Precision's strong management team to further grow the Company."
Precision's President, Brian K. Murray said, "The precision engineered machining industry is fragmented and characterized by a large number of small businesses. Our exciting partnership with Joshua Partners will help accelerate our growth initiatives in existing and new markets, allowing us to achieve the ideal scale to exploit even more meaningful growth opportunities. The leadership at Joshua Partners has a long history of successfully partnering with entrepreneurial management teams with a strong vision of growth. With Joshua Partners' sponsorship, we look forward to pursuing acquisitions of additional precision machining companies in the near future."
About Joshua Partners
Founded in 2007, Joshua Partners is a non-traditional private equity firm dedicated to finding and partnering with talented management teams with a strong vision of growth, either internally through new product development or capacity expansion or externally via add-on acquisitions. Joshua Partners is focused on building a highly select number of middle-market companies into enterprises with global scale and performance capabilities. Joshua Partners seeks to make control investments in market leading businesses with revenues of $10 million to $100 million, operating in defensible and highly differentiated niche markets. Please contact Joshua Partners regarding potential acquisition or commercial opportunities in the precision engineered machining sector. Additional information is available at www.Joshuapartners.com.
SOURCE Joshua Partners