Precision Engineered Technologies, a portfolio company of private equity firm Joshua Partners, has acquired Imperial Machine and Tool Company, a precision boring and machining company based in Wadsworth, Ohio near Akron.
Charles Corpening, the chairman and founder of Joshua Partners, says: "The team at Imperial has built the company into a leading provider of turning, milling, and boring of rough steel into finished parts. Imperial provides dedicated and complex machining services to long term customers in several high growth markets, including the hydraulic fracturing ("fracking") segment of the oil and gas industry and the steel industry. With sophisticated machining capabilities, state of the art capital base, and seasoned, expert machinists, Imperial is uniquely positioned to service their long term and growing customer base. We are confident that with a stable source of capital and additional expertise from Joshua Partners we can work with Precision’s strong management team to further grow the company."
Precision’s president Brian K Murray says: "The precision engineered machining industry is fragmented and characterised by a large number of small businesses. Our exciting partnership with Joshua Partners will help accelerate our growth initiatives in existing and new markets, allowing us to achieve the ideal scale to exploit even more meaningful growth opportunities. The leadership at Joshua Partners has a long history of successfully partnering with entrepreneurial management teams with a strong vision of growth. With Joshua Partners’ sponsorship, we look forward to pursuing acquisitions of additional precision machining companies in the near future."
