Private equity firm Auxo Investment Partners has partnered with the Rink family to acquire Prestige Stamping, a Michigan-based high-speed niche manufacturer of custom engineered stampings for the fastener industry.
The deal, terms of which have not been disclosed, marks Auxo’s fifth acquisition in 13 months and follows the September closing of the firm’s inaugural investment fund, Auxo Growth Holdings I LLC.
Prestige is a major player in the market for high-volume, tight-tolerance washers and similar small stampings, and manufactures over a billion washers and metal stampings annually for more than 200 customers across a diverse set of industries and geographies – including automotive, infrastructure & construction, agricultural, electronics and home/office products.
Founded in 1967, the company serves customers across the US and internationally from its 100,000-square-foot facility in Warren, Michigan, and is recognised as a leader in the fastener industry when quality, lead time, and dependability matter.
Prestige recently was accredited with IATF 16949, the new global industry standard for quality management systems published by the International Automotive Task Force (IATF). In 2016, the IATF published the IATF 16949, which superseded and replaced the ISO/TS 16949, one of the most widely used international standards for quality in the global automotive supply chain.
“Starting from a stone garage in Detroit where we took our first order more than 50 years ago, our family has worked hard to build a customer- and employee-centric culture with a singular mission to deliver market-leading quality, speed and value to our customers,” says Chris Rink, CEO of Prestige Stamping, who will continue in his leadership role.
“We selected Auxo as a partner because of the values our organisations share – and we think Auxo’s hands-on investment approach will bolster our ability to maintain our vision and ensure a prosperous future for our company and for our long-standing employees.”
Prestige has developed a set of differentiated processes, automation, and customised equipment modifications to enable the company to set best-in-class industry standards for line speeds, setup time, and scrap. These efficiencies and improvements have led to higher levels of product throughput and the ability to price competitively while maintaining strong margins. These advantages, combined with a strong service model, have enabled Prestige to reduce their cost of production while maintaining the highest quality standards in the industry and market-competitive pricing.
“We were immediately impressed with Prestige and by the tenacity with which the company pursues process improvement, quality and growth,” says Auxo Managing Partner Jack Kolodny. “It’s clear the company’s values are closely aligned with ours, and its success has been driven by the Rink family’s relentless pursuit of excellence and customer service. We’re excited to honor their legacy by bringing their industry-leading responsiveness, quality, and on-time delivery to other markets where those performance levels are critical for customers, all of which will take the business to the next level.”
Beyond Prestige’s core markets, Kolodny said the company will target additional sectors that will benefit from its unique manufacturing approach, including aviation and engine manufacturing, rail, aerospace/missile defence, heavy truck and other transportation sectors, among others.
“We couldn’t be more thrilled to be working with Prestige Stamping and the Rink family,” adds Auxo Managing Partner Jeff Helminski. “This is exactly the kind of company we had in mind when we formed Auxo two years ago — and we look forward to being an active and additive partner in the continued growth and diversification of an already outstanding company.”
