Blue Point Capital Partners and Alco Manufacturing Corporation, LLC Acquire Lakeshore Fittings, Inc.
CLEVELAND (February 1, 2016) – Blue Point Capital
Partners, in conjunction with its portfolio company, Alco Manufacturing Corporation,
LLC, announced today the acquisition of Lakeshore Fittings, Inc., a full-scale
designer and manufacturer of standard and custom precision machined brass,
eco-brass, stainless steel and aluminum fittings for the lawn and garden, gas
distribution, plumbing and hydraulic industries.
Alco (www.alcomfgcorp.com)
is the largest independent producer of unleaded carbon steel couplings and
fittings for hydraulic systems. The company maintains a significant market share
with each of the largest North American hydraulic equipment companies and
serves a variety of end markets, including agriculture, construction and
energy. The acquisition
of Lakeshore will diversify Alco’s end markets, while expanding the company’s product
offering and material capabilities.
“For over 35 years, Lakeshore has been a leading provider
of brass, eco-brass, stainless steel and aluminum fittings to its customer
base,” said Sean Ward, a partner with Blue Point. “The addition of Lakeshore
adds new material capability to Alco’s lineup of carbon steel machining solutions,
creating immediate opportunities to work closely with customers to design custom
fittings in various sizes and materials. Alco and Lakeshore are an excellent
strategic fit.”
Bill Kowal, chairman of Alco, added, “Lakeshore’s
strong reputation is a result of the company’s multiple machining processes,
proven manufacturing capabilities, and well-developed engineering and
operations network. The addition of Lakeshore will further enhance Alco’s solid
manufacturing and engineering capabilities, and the combination of our two companies
will allow us to better serve our customers.”
Lakeshore is based in Grand Haven, MI, and
operates from a 90,000 square foot facility. Alco serves its customers from its
headquarters in Elyria, OH, and an additional facility in Machesney Park, IL. The
combined company will provide a one-stop shop for unleaded carbon steel, brass,
eco-brass, stainless steel and aluminum machining solutions.
Blue Point Capital Partners (www.bluepointcapital.com) is a
private equity firm managing over $800 million in committed capital. Leveraging
offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched
regional presence affords it the opportunity to establish relationships on a
local and regional basis with entrepreneurs and their trusted advisors, while
simultaneously providing the resources of a large, international firm. The Blue
Point group has a 25-year track record of partnering with companies in the
lower middle market where it can bring about accelerated growth and
transformative change in partnership with its companies, their management teams
and Blue Point’s network of operating resources. Blue Point is one of only a
few middle-market private equity firms with a presence in the economies of both
the United States and China, and the firm’s experience with cross-border
management and value drivers provides a distinct advantage for its portfolio businesses.
Blue Point invests in manufacturing, distribution and service businesses
generating $20 million to $200 million in revenue.
For more
information, contact:
BLUE POINT CAPITAL PARTNERS
Sean Ward
Partner
Blue Point Capital Partners, LLC
127 Public Square, Suite 5100
Cleveland, OH 44114
(216) 535-4705
ALCO MANUFACTURING
DJ Mumma
President
Alco Manufacturing Corporation, LLC
10584 Middle Avenue
Elyria, OH 44035
(440) 458-5165