GGC Announces Acquisition of Mica Tool & Manufacturing
FOR IMMEDIATE RELEASE
MILWAUKEE, WI—January 8, 2013—Generation Growth Capital Fund II, LP (“Generation Growth” or “GGC”) has acquired Mica Tool & Manufacturing, Inc. (“Mica”) as part of its Model 2 Machine Group investment platform that also includes M2M Machining, Inc. in Muskego, WI, Clinkenbeard & Associates, Inc. in Rockford, IL, and Tri Aerospace, LLC in Terra Haute, IN. Terms of the transaction were not disclosed, but senior financing was provided by First National Bank-Fox Valley. Based in Mukwonago, WI, Mica is a precision machining operation serving OEM customers in diverse markets including medical, mining, oil & gas, and machine tools. Generation Growth is a Milwaukee-based private equity group focusing on investments in growing, lower middle market businesses.
For the past 34 years, Mica’s skilled craftsmen have consistently provided local OEM customers with precision machining services for some of their most demanding applications. By continually investing in the latest equipment and maintaining a highly skilled workforce, Mica has been able to grow along with its world-class customers.
Frank Concotelli, the previous owner of Mica, will remain with the company as president for the next year to assist with the management transition and integration with M2M Machining, Inc.
Generation Growth is a private equity firm that provides capital to small businesses to help support a broad range of growth opportunities. By partnering with solid management teams, GGC adopts a proactive, collaborative approach that helps build businesses it invests in. Model 2 Machine Group is a GGC-led consortium of companies that provides OEM customers with rapid prototyping, parts development, near net shape casting development, and high tolerance machining with flexible lead times.
John Reinke, a managing director of Generation Growth, commented, “Mica fits well within our Model 2 Machine Group strategy and provides us with high precision machining capabilities for smaller parts and customers with tight lead times. We look forward to building on the successful business created by Mr. Concotelli and his team. We have immediate plans to invest in new equipment and quality systems to accommodate future growth.”
Cory Nettles, a managing director with Generation Growth, added, “GGC is excited to bring a company with Mica’s reputation for quality and service into our portfolio. The skills present within the Mica workforce are becoming increasingly harder to find. We are committed to growing and training the next generation of skilled machinists across our Model 2 Machine Group platform.”
About Generation Growth Capital Fund II, LP
Generation Growth Capital Fund II, LP is a Milwaukee-based private equity firm focusing on investments in small businesses to support growth opportunities. GGC has investments in nine portfolio companies and is currently investing out of its second fund. Please visit www.generationgrowth.com for more information.
About Mica Tool & Manufacturing, Inc.
Mica Tool & Manufacturing, Inc. is a Wisconsin-based precision machining operation serving diverse customers across a spectrum of industries including medical, mining, oil & gas, and machine tools. Please visit www.micatool.com for more information.
Contacts
On behalf of Generation Growth Capital Fund II, LP:
John Reinke, Managing Director
Generation Growth Capital, Inc.
jreinke@generationgrowth.com | (414) 291-8908
On behalf of Model 2 Machine Group, Inc. and Mica Tool & Manufacturing, Inc.
Jerry Webb, President and Chief Operating Officer
M2M Machining, Inc.
jwebb@model2machinegroup.com | 262-679-4600 (x126)