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Ohio company acquires metal parts supplier
A maker of metal fittings in the region that serves multiple industries has been acquired by an Ohio company, in conjunction with a private equity firm.
Blue Point Capital Partners and Elyria, Ohio-based Alco Manufacturing Corporation said this month that they have acquired Grand Haven-based Lakeshore Fittings.
Terms of the deal were not disclosed.
Lakeshore Fittings, founded in 1980, specializes in making machined brass, eco-brass, stainless steel and aluminum fittings for the lawn and garden, gas distribution, plumbing and hydraulic industries.
The company operates out of a 90,000-square-foot plant in Grand Haven, where it machines tens of thousands of pounds of brass and aluminum each day.
Alco Manufacturing is a producer of unleaded carbon steel couplings and fittings for hydraulic systems and serves a variety of end markets, including agriculture, construction and energy. The company also operates an additional facility in Machesney Park, Illinois.
"Lakeshore's strong reputation is a result of the company's multiple machining processes, proven manufacturing capabilities and well-developed engineering and operations network,” said Bill Kowal, chairman, Alco. “The addition of Lakeshore will further enhance Alco's solid manufacturing and engineering capabilities, and the combination of our two companies will allow us to better serve our customers."
The acquisition of Lakeshore Fittings should allow Alco to diversify its end markets, while expanding its product offerings and material capabilities.
The combined company will serve as a “one-stop shop” for various metal machining solutions.
"The addition of Lakeshore adds new material capability to Alco's lineup of carbon steel machining solutions, creating immediate opportunities to work closely with customers to design custom fittings in various sizes and materials,” Blue Point partner Sean Ward said. “Alco and Lakeshore are an excellent strategic fit."
Blue Point Capital Partners
With offices in Cleveland, Seattle, Charlotte, North Carolina and Shanghai, Blue Point Capital Partners is a private equity firm managing more than $800 million in committed capital.
Blue Point has a 25-year track record of partnering with companies in the lower middle market where it can help to bring accelerated growth and change in partnership with its companies, their management teams and Blue Point’s resources.
The firm invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.