Altus Capital Partners II, along with members of management, has acquired Gulf Coast Machine & Supply Company (GULFCO), a provider of forging solutions to energy and industrial end markets.
Founded as a small machine shop in 1919 and based in Beaumont, Texas, GULFCO’s equipment and professionals offer advanced ring rolling, open die forging, machining, heat treating, and testing for products formed into rolled rings, discs, bushings, blocks, and gear blanks.
GULFCO is a preferred supplier for blue-chip customers operating in highly demanding environments such as subsea production facilities, refineries, offshore oil and gas rigs, mining machinery, off-highway equipment, hydraulic fracturing equipment, and wind power turbines.
Elizabeth Burgess, senior partner, Altus Capital Partners, says: “We welcome the opportunity to work alongside Steve Tidwell and the senior management team in implementing GULFCO’s growth strategy while remaining true to the ideals of customer service and product innovation that have made GULFCO stand out in the markets it has served for more than 90 years.”
GULFCO chief executive Steve Tidwell says: “At GULFCO, we are committed to maintaining our market leadership through a dedicated focus on target markets that larger competitors lack, and a broad suite of manufacturing capabilities that smaller forgers do not possess. Altus’ commitment to US-domiciled manufacturing is demonstrated by their track record. Equally important is their willingness to use their expertise and resources to expand businesses they invest in through funding for internal initiatives and accretive add-on acquisitions.”
The GULFCO acquisition is the third in the firm’s second fund, Altus Capital Partners II, which closed in October 2011 with USD200m in commitments.
