Banking & Finance and Manufacturing

Private equity firm acquires die manufacturer

August 13, 2018
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Midway
\Midway designs, manufactures and sharpens dies for customers in the automotive, packaging, medical, food processing, tag-and-label, specialty and photo-cutting industries. Photo via Midwayrotary.com

A local private equity firm has acquired a die manufacturer based near Lansing.

Grand Rapids-based Auxo Investment Partners said it acquired Williamston-based Midway Rotary Die Solutions.

Terms of the deal were not disclosed.

Auxo also owns three other die manufacturers, including Bernal Rotary Dies, Atlas Die and Atlas Chem-Milling.

“Combining Midway with our existing portfolio of die producers allows us to offer our customers an increasingly broad, innovative suite of capabilities, helping them to deliver superior quality and efficiency in their own businesses,” said Ken Smott, who, with this acquisition, becomes CEO of Midway Rotary Die Solutions in addition to his existing leadership duties at Atlas Die and Bernal Rotary Dies.

“We are excited to grow our platform with Midway’s strong legacy and highly skilled, dedicated workforce,” said Jack Kolodny, managing partner, Auxo.

Auxo Managing Partner Jeff Helminski said the move will help Auxo continue to “align market participants.”

“We will continue to grow this platform organically and acquisitively with partners who share our passion for innovation and solving complex production challenges,” he said.

Rich Seeley, current CEO of Midway Rotary Die Solutions, will retire following the transition.

“It was our dream when we bought Midway in 1985 with six employees to build it into a world-class organization,” Seeley said. “We couldn’t be more pleased to find, in Auxo, a partner who can help our colleagues continue to grow and develop opportunities to provide further innovation and value to our customers.”

M&A advisors

Hudsonville-based NuVescor Group served as M&A adviser to the seller.

Other advisers on the transaction included Miller Johnson, Barnes & Thornburg, BDO USA LLP, Mercantile Bank, Oxer Capital, Aon and Advantage Benefits Group.

Auxo Investment Partners

Founded in 2016, Auxo Investment Partners is a private equity firm that invests in manufacturing, industrial, distribution or business services companies in North America with an EBITDA cash flow of $1.5-$15 million.

Midway

Founded in 1974, Midway designs, manufactures and sharpens dies for customers in the automotive, packaging, medical, food processing, tag-and-label, specialty and photo-cutting industries.

The company also offers multi-stage heat treatment processes, cryogenic treatment, carton prototyping and technical support to craft customized and long-lasting crush-cut dies.

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