Owner sells machining company
A machining company in the region has been acquired.
Greenville-based Aquest Machining, a company specializing in cutting and machining metal and plastic parts, was recently acquired by FabX Industries, a company formed by Gopi Ganta, owner and operator, specifically to acquire Aquest, according to Calder Capital today.
“I had been looking for the right acquisition opportunity in the manufacturing space for a few years,” Ganta said. “Aquest is one of the best run operations I have ever seen. As a result of the company’s commitment to quality and its equipment capacity, I felt that the company has a lot of growth potential.”
Ganta’s background includes 18 years of operational experience in the manufacturing industry, as well as experience in lean manufacturing, Six Sigma, finance and strategy management.
Bob Playford acquired Aquest Machining in 1996.
The company has since expanded its capabilities to CNC saw cutting, CNC product matching, light stamping, prototyping, fabrication and fixture building, mig and tig welding and other operations.
“After working in the business for numerous years, it was time to transition the company to new ownership,” Playford said. “With FabX Industries, we felt that it was the right combination for the future of the business. Not only is Gopi a competent individual, he is committed to the clients we have and the team we have built.”
Playford will stay on as a consultant for the company for an undefined period.
Grand Rapids-based Calder Capital, a mergers and acquisitions firm, represented Aquest in the deal.
Calder Capital agents Ghazey Aleck and Pankaj Rajadhyaksha served as co-advisors to Aquest.