Cleveland investor acquires longtime Dayton manufacturer

0

live video

Officials give update on NYC subway explosion

Cleveland investor acquires longtime Dayton manufacturer

View CaptionHide Caption
Gem City CEO Rick Wiegand talks with Carlisle High School students in a Manufacturing Day tour of the company’s plant in October 2016. A contract manufacturer, Gem City makes everything from fragrance analyzers to bomb robots. JEREMY P. KELLEY / STAFF

A Cleveland private equity firm has acquired Dayton’s Gem City Manufacturing.

Cleveland’s CapitalWorks has acquired the 401 Leo St. manufacturer and provider of advanced automated equipment, assemblies, robotics and precision machining, the company said recently.

Terms were not disclosed.

The acquisition is the first investment for CapitalWorks Fund IV, L.P., CapitalWorks’ fourth private equity fund.

CapitalWorks will partner with Rick Wiegand, Gem City’s chief executive, and President Tim O’Meara on the next steps. O’Meara has been with Gem City for over four decades.

“We look forward to working with the Gem City team to grow the business,” CapitalWorks Managing Director Todd Martin said in a statement.

Serving the defense, aerospace, medical, optical communications, packaging, robotics and semiconductor markets, Gem City specializes in highly automated, custom equipment and complex assemblies.

“We are excited to partner with CapitalWorks and their network of industry experts to continue the evolution of Gem City,” Wiegand said in the firms’ joint announcement. “They have a deep understanding of our industry and we value their strategic vision along with the resources brought to us by their network.”

Gary Pinard, former president and owner of TecoMetrix; J.D. Sullivan, former CEO of Mayfran International; and Joe Brown, president of Tailwind Technologies, will join the Gem City board, the companies said.

Oxer Capital provided subordinated debt and senior financing was provided by PNC Business Credit.

View Comments 0

Weather and Traffic