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Rapid Casting Provider Clinkenbeard Bought by Private Equity Firm |
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Released on December 14, 2011
Rapid prototyping and casting supplier Clinkenbeard, Rockford, Ill., has been acquired by Generation Growth Capital Fund I, Milwaukee.
The terms of the acquisition were not disclosed. Clinkenbeard provides rapid prototyping services and machined castings primarily to the aerospace industry.
According to a press release issued by Clinkenbeard, the company’s current management team will stay in position following the acquisition. Clinkenbeard employs 18 people in its two locations in Rockford.
The Clinkenbeard statement indicated the company expects Generation Growth Capital to promote synergies between Clinkenbeard and other manufacturing businesses that it owns, including at least one production machine shop, and capitalize improvements at Clinkenbeard.
“This is very good news for Clinkenbeard, good for its current and future customers, good for Rockford, and good for our Rockford area aerospace cluster,” said Ron Gustafson, president of Clinkenbeard.
Gustafson said Clinkenbeard was not in financial trouble at any time and that the acquisition was an exit strategy for the current ownership.
“This is a great vote of confidence from Generation Growth Capital in our vision, our strategy, our processes ,” Gustafson said.
Generation Growth Capital invests in established service, distribution and manufacturing businesses. These investment targets are generally well-established, successful and profitable businesses with sustainable market niches.
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