Appalachian Cast Products poised for growth with new investment

Premier Engineered Products’ (PEP, Grand Rapids, Michigan), which owns Appalachian Cast Products (Abingdon, Virginia), has a new investor; Charter Growth Capital Fund (CGCF) has provided mezzanine debt in support of PEP’s recapitalization. Birmingham, Michigan-based Colfax Creek is the lead investor in the transaction. Colfax Creek and foundry veteran Mike Ryan, formed PEP in January 2019 to recapitalize Appalachian Cast Products (ACP) and integrate Premier Die Casting's production into its Abingdon facility.

Managed by principals of Charter Capital Partners, CGCF invests up to $5 million of mezzanine debt and/or equity capital into lower middle-market companies. The fund supports companies that are seeking funding for growth, succession or recapitalization. While the fund typically focuses on Great Lakes-based companies, CGCF’s existing relationship with Colfax Creek led to its investment in the Virginia-based company.

"We're delighted to partner with Colfax Creek for a second time as we continue to grow our portfolio," stated Hector Bultynck, managing director, CGCF. "Premier Engineered Products has a reputation for producing superior products with exceptional quality backed by excellent customer service. The company is poised for significant growth and is an excellent addition to our portfolio."

"Premier has weathered the current economic situation and has significant growth opportunities due to continued industry consolidation," said Ryan, PEP president and CEO. "We have launched more value-added services and are focused on further expanding the production capabilities that have propelled us into new consumer and industrial markets."

Appalachian Cast Products produces die cast parts and tooling, along with metal finishing and CNC machining, specializing in aluminum and zinc alloys.