White Wolf Capital continues the build of its precision machining platform, Consolidated Machine & Tool, with the acquisitions of Specialty CNC and Waiteco Machine.
Specialty CNC designs and fabricates precision metal and plastic parts that are used in a range of applications in the medical, dental, automotive, aerospace, and government sectors. The company, led by President Mike Baker, was founded in 1998 and is headquartered in Bloomington, Indiana.
Waiteco provides contract machining, welding, fabrication, and assembly services to industrial manufacturers nationally. The company was founded in 1982 by William Waite and is headquartered 60 miles northwest of Boston in Devens, Massachusetts.
Consolidated Machine & Tool (CMT) was formed by White Wolf in March 2017 to acquire US manufacturing businesses with revenues of $5 million to $50 million that specialize in precision machining, fabrication, assembly, and design of engineered components used in aerospace and defense applications.
The buy of Specialty CNC and Waiteco are the sixth and seventh acquisitions for CMT and follow the buys of:
- Astro-Tek Industries, a California-based precision machining company that builds specialized equipment used by Tier 1 aerospace and defense companies to manufacture, maintain, and service aircraft, satellites, rockets, and missiles (June 2017);
- LCP Machine, a Florida-based CNC machining company serving the aerospace, defense, energy, and industrial sectors (February 2018);
- RLS Machining, a Wisconsin-based provider of precision machining and prototyping services (January 2020);
- Mill Creek Machining, an Iowa-based provider of contract machining and assembly services (January 2020); and
- Murphy Machine Products, an Illinois-based provider of precision machining and light assembly services (January 2020)
White Wolf makes control investments in manufacturing, business services and information technology companies that have revenues up to $150 million and EBITDA up to $15 million. Typical transaction values range from $5 million to $50 million. The firm was founded in 2011 and is headquartered in Miami.
The White Wolf transaction team for the buy of Specialty CNC and Waiteco was led by Managing Director Elie Azar, Managing Director Rich Leggio II, and Vice President Andres Gutierrez.
“We are really excited to partner with the talented folks at Waiteco and Specialty CNC and look forward to supporting their continued growth,” said Mr. Azar. “With the additions of Waiteco and Specialty to the CMT family, CMT has closed on five add-on acquisitions this year alone. We are enthusiastic about CMT’s continued growth and what this means for our employees and customers.”
George & Company was the financial advisor to Waiteco and Generational Equity was the financial advisor to Specialty CNC.
Private Equity Professional | September 1, 2020
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