Acquisition Announcement
Quazar Capital Corporation is pleased to announce that their client, Innovance, Inc. (Innovance), has acquired Midland Technologies, Inc. (Midland), the second acquisition Quazar advised Innovance on in 2016. Midland specializes in the manufacturing of products designed as components in the die-casting and plastic mold industries. Midland has a wide range of manufacturing customers located in the United States, Canada, and Mexico. This transaction demonstrates Quazar Capital’s continued expertise in assisting businesses achieve their growth plans through acquisition, and its experience working with ESOP organizations.
Midland Technologies, Inc. (www.midlandtechnologies.com), founded in 1990 by Rick Dubay, based in Rogers, MN, is an industry leader in the manufacturing of valve-less vacuum blocks, valve-less super chill blocks, ultimate vent blocks, vacuum systems, as well as other products for the die-casting and plastic mold industries.
Innovance, after completing the successful acquisition of Mass Finishing, Inc. in early 2016, continued to be interested in completing another add-on transaction and pursued Midland in order to diversify their product offerings and customer base.
“Midland Technologies is a successful, well-run business that further adds to Innovance’s capabilities and product lines. We are excited about the new opportunities that this acquisition will provide in the die-casting and plastic mold industries. Midland has unique products in a niche market, with many opportunities to expand their customer base and offerings. Overall, the success of Midland’s manufacturing capabilities, its talented workforce, and its high-quality products make it a great fit for Innovance going forward,” said Mike Larson, CEO, Innovance.
Rick Dubay, President and Owner, Midland Technologies, commented, “I am extremely excited for the future of Midland Technologies. Innovance will bring more resources and capabilities to the table that will help Midland reach new levels of performance. After years of dedication and hard work, it is nice to see the employees in good hands with a leading manufacturer in the Midwest.”.
Innovance, Inc. is a 100% employee – owned company (ESOP) and the holding company for subsidiaries, Lou-Rich, Inc. (www.lou-rich.com), Almco, Inc. (www.almco.com), and Mass Finishing, Inc. (www.massfin.com). Lou-Rich provides contract engineering and manufacturing services. Almco is a state-of-the-art manufacturer of industrial deburring, parts washing, and vibratory metal finishing equipment. Mass Finishing is the leading supplier of high energy centrifugal barrel finishing machines, supplies, and services. For more information on Innovance, Inc., please visit www.innovance.com.
ABOUT QUAZAR CAPITAL CORPORATION: Quazar Capital Corporation is a Minnesota Investment Banking Firm with over 25 years’ experience confidentially helping privately held companies with Mergers and Acquisitions, Recapitalizations, and Financial Advisory Services. Quazar specializes in transitioning companies with Revenues of $5 – $100 million and EBITDA of $2 – $10 million.
