Cleveland, Ohio (September 3, 2015) - Emprise Partners announces that its client Tim Selhorst of American Spring Wire Corporation and Joe McAuliffe of Hawthorne Wire Services Ltd. completed the acquisition of Precision Fittings, Inc., Wellington, Ohio in February of this year. David Katz, the Precision Fittings Operations Manager and grandson of the founder is also an investor. Emprise Partners initiated this transaction and acted as the exclusive financial advisor to the buyers.
Precision Fittings, Inc. (www.precisionfittings.com) was founded in 1947 and is a manufacturer of ferrous and non-ferrous cold formed, cold headed and/or machined parts, fasteners and drain plugs serving the needs of the aircraft, aerospace, automotive, heavy truck subcontractors, heating, cooling, pneumatic controls, machinery manufactures, machine tools, military and ordnance, mining construction, and power transmission manufacturers.
"Joe and I were pleased to have the opportunity to acquire this business given our backgrounds and the track record at PFi. The company enjoys great people and a culture that has proven to be a real asset. We're very happy with our first 6 months of ownership and look forward to what’s next," said Tim Selhorst.
Tim Selhorst, President and CEO of ASW Corp. and subsidiaries, brings 30 years of experience in the steel long products industry, with much of his career focused on managing and overseeing his family's business. The business has owned and operated steel wire and wire products companies since 1968 including American Spring Wire (www.amspringwire.com) in Cleveland, OH, and J&L Wire Cloth LLC (www.jlwire.com) in St. Paul, MN.
Joe McAuliffe, President of Hawthorn Wire, has over 25 years of experience as an engineer and operator in the cold forming, cold heading industry. Hawthorne Wire Services (www.hawthornewire.com) provides wire and wire drawing services across Ohio and the United States for over 20 years. Previously Joe McAuliffe was President and Managing Director of Ferry Cap & Set Screw Corporation, and, before that, Director of Operations at Lake Erie Screw Corporation.
Emprise Partners (www.emprisepartners.us) is a merchant-banking firm that provides buy-side representation to corporations, private-equity groups, and industry specific management teams in the lower middle market. As a financial partner, it provides both advice and capital for the acquisition and growth of manufacturing businesses with proprietary products or defensible niche positions. Emprise Partners has completed over 50 buy-side transactions.