At the time, the acquisition was the first investment for CapitalWorks Fund IV, L.P., CapitalWorks’ fourth private equity fund.
CapitalWorks said at the time it would partner with Rick Wiegand, Gem City’s now-former chief executive, and Tim O’Meara, who apparently left the company this summer.
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Allen Goad, the former president of H-D Aerospace and Defense of greater Los Angeles, was named Gem City’s chief executive in February 2019.
Goad “has total support of CapitalWorks, LLC, the Cleveland based private-equity firm that owns Gem City,” Capital Works said in a press release dated Sept. 4. “His core professional competencies are profit and loss management, total business strategic vision and execution.”
W. Todd Martin, managing director of Capital Works, said Wednesday the sale is a routine real estate transaction that doesn’t affect the company’s business.
“That’s strictly a transaction on our real estate side,” Martin said. “Nothing to do with our business. There’s no effect on Gem City.”
“The business has been doing extremely well and has been growing,” Martin also said.