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Maine Machine Products Company Aquired by GenNx360 Capital Partners
GenNx360 Capital Partners, a private equity firm focused on industrial business-to-business companies with $75 million to $500 million in revenues, announced today that the firm has acquired Maine Machine Products Company (MMPCo), a South Paris, Maine-based corporation specializing in manufacturing precision components and assemblies for the defense, oil & gas, and semiconductor industries. Terms of the transaction were not disclosed.
A recipient of many awards and certifications including the "Champion Economic Development Award" from the Maine Development Foundation and an active Oxford County community supporter, MMPCo operates a temperature controlled, 65,000 square foot building which includes a hard wall Class 1000 Clean Room. Services offered by MMPCo include concept development, precision machining, and vertical integration. The company is certified to both ISO 9001:2000 and AS9100 standards.
GenNx360 purchased 100 percent of MMPCo's shares from founder Roland L. Sutton and his family, who owned and operated the company for more than a half century. Mr. Sutton has resigned as board chairman. President and CEO David MacMahon and his management team will continue to oversee the company's day-to-day operations.
"We are extremely fortunate to acquire a company of Maine Machine Products Company's caliber along with its 54-year track record of manufacturing excellence," said Lloyd Trotter, a managing partner and one of the founders of GenNx360. "Not only did the Sutton family build a world class company that leads its peers in terms of quality and technological advancement, but they have supported the company with a strong and capable associate team along with an exemplary management team. We value every associate's commitment to Maine Machine Products Company and look forward to using our operational expertise, strategic insight and network to help them grow and expand the company."
"After more than 54 years of stewardship, my family and I decided the time was right to look for a new owner for MMPCo - one who would not only respect our traditions, but assure the longevity of the company beyond the current generation of owners," said Mr. Sutton. "We are delighted that GenNx360 is that exceptional owner and wish them every success in the future."
The acquisition of MMPCo is a strategic fit to GenNx360's growing portfolio of companies that includes best-in-breed corporations specializing in growth sectors including industrial machinery and equipment components, specialty chemical and engineered materials, and business services and logistics.
About Maine Machine Products Company
Maine Machine Products Company is a highly regarded, 54 year-old manufacturer of precision machine critical components and assemblies for the defense, oil & gas, and semiconductor industries. The Company has proven high value-add solutions for the precision metal component machining niche and emphasizes its value-added service capabilities including complete assemblies, a Class 1000 Clean Room, rapid response engineering, and prototyping.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity 3.0 firm that applies leading operational expertise and investment discipline to successfully buy, guide, grow and sell industrial B2B companies, generate superior returns and preserve capital regardless of market cycles.