Private equity firm Montage Partners, Inc. (Scottsdale, AZ) acquired Advanced Manufacturing and Development, Inc. (METALfx Inc.; Willits, CA), from a subsidiary of Avista Corporation (Spokane, WA). The existing management team of METALfx will continue to lead them and will own a meaningful equity stake in the business, which was founded in 1976 and is a leading provider of precision sheet metal fabrications, enclosures, assemblies, and complex wood composite components across a variety of industries, including technology, healthcare, industrial, and others. They strategically focus on serving customers who demand quick turnaround times, prototype collaboration, engineering support, and rigorous product standards, and whose parts are highly engineered, complex, and subject to high precision and tight tolerances.
“They are a value-add, long-term partner to some of the most innovative companies across the U.S.,” said Rob Wolfman, a co-managing partner at Montage Partners. “We’re thrilled to be partnering with Henry Moss, Gordon Short and their long-standing management team, and to support the company as they make additional investments in people, technology, and equipment to better serve their customers. We realized early in our relationship with them that they are hyper-focused on exceeding customer expectations through their ‘engineering-first’ approach and focus on people. These values align well with our cultural ethos and it soon became clear that our partnership would be a strong fit.”
“Today marks the beginning of an exciting time for us, and we are delighted to be working with them to reach our next phase of growth as an independent company,” added Henry Moss, the president and a shareholder of METALfx. “With their support and guidance, we look forward to delivering more value to our customers through enhanced capabilities and engineering-driven solutions.”
“We appreciate the support of Avista over the last 24 years,” noted Gordon Short, who served as president of METALfx for the past 19 years and will remain a shareholder and member of the board of directors going forward. “We’re proud of our achievements during that time and have no doubt that we are more well-positioned than ever to continue our success for many years to come.”
The transaction closed April 18, 2019. Osborn Maledon, P.A., provided legal counsel to Montage Partners and Davis Wright Tremaine LLP provided legal counsel to Avista. Asenti Diligence Partners, LLC, provided financial due diligence advisory services to Montage Partners. Meridian Capital LLC served as financial advisor to METALfx. Enterprise Bank & Trust and Eagle Private Capital LLC provided debt financing to support the transaction.
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