BIRMINGHAM, Mich., Dec. 17, 2012 /PRNewswire/ -- Quarton Partners is pleased to announce that Industrial Opportunity Partners has sold Center Manufacturing ("Center") to Mayville Engineering Company ("MEC"). Quarton Partners acted as the exclusive investment banking advisor to Industrial Opportunity Partners and Center.
"This acquisition brings together two great companies into one great team," said Robert Kamphuis, chairman, president and CEO of MEC. "Center and MEC both have long histories, blue-chip customers and a talented and committed workforce. We're delighted to welcome Center's employees to the MEC family, and we're excited to work together to keep growing our expanded company."
Richard Nielsen will remain as president and CEO of Center and will be involved in integrating the two companies. "We are very excited about this acquisition and what it means for our employees and our customers," Nielsen said. "Both Center and MEC are outstanding companies with solid corporate values and great employees that will be important for the future. MEC is clearly a strategic long-term investor that is excited about growing the combined company. This acquisition strengthens our joint future and enhances our ability to compete for the long-term."
Center Manufacturing, Inc. (www.centermfg.com), headquartered in Byron Center, Michigan, manufactures complex welded assemblies, small and large diameter tubing, commercial vehicle fuel tanks, fluid level indicators and other fabricated assemblies for commercial vehicle, power sports, agriculture, construction, military and other general industrial applications. Center has approximately 800 employees and operates from eight manufacturing facilities in Michigan, Mississippi, South Carolina and Virginia.
Industrial Opportunity Partners (www.iopfund.com) is an Evanston, Illinois-based private equity firm with $460 million of committed capital under management. IOP is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.
Mayville Engineering Company (www.mayvl.com), headquartered in Mayville, Wisconsin, has become a manufacturing company where employee shareholders are creating outstanding value and support every day for their customers and the communities in which they live and work. Mayville's processes include laser and plasma cutting, stamping, forming, machining, welding, tube forming, painting, assembly and kitting, product testing and validation of metal products for the construction, military, agriculture, mining, power sports, marine, medical and power generation industries. The company was founded in 1945 and today has 1,200 employees and eight Wisconsin locations in Mayville, Neillsville, Beaver Dam, Berlin and Wautoma.
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Quarton Partners (www.quartonpartners.com), headquartered in Birmingham, Michigan, is a premier middle market investment banking firm, serving privately held and publicly traded companies, as well as private equity firms. Quarton Partners assists its clients with mergers and acquisitions, private capital raising, and other financial advisory services. Its principals have successfully completed hundreds of engagements in a wide variety of industries across the U.S. and throughout the world.
SOURCE Quarton Partners