Advanced Machining & Tooling, LLC Announces New Ownership
Main Street Capital Holdings Acquires Quality Products, Advanced Machining & Tri-Tec Industries
SALISBURY, NC – October 16, 2019 – Advanced Machining & Tooling, LLC, a leading manufacturer of precision metal components, with capabilities including both CNC and EDM (electronic discharge machining) machining, announced Wednesday that it has been acquired by Main Street Capital Holdings, a Pittsburgh-based private equity firm.
“I am excited to become a part of the Main Street family,” said Keith Felts, Advanced Machining’s President, an executive who co-founded the firm in 1985. “Main Street has an outstanding track record of providing its portfolio companies with all the necessary resources to be successful, then letting its managers do their jobs. We will remain very focused on serving our customers, providing an excellent working environment for our employees, and continuing as a respected member of our business community.”
Advanced Machining operates from a 10,000 square foot facility in Salisbury, NC at 215 Forbes Avenue. It manufactures complex prototype and low-to-mid volume metal parts, focusing on blue chip customers in the telecommunication, medical, aerospace and defense markets. Keith Felts and Bobby Miller founded the company in 1985. ZP Enterprises, LLC, an Atlanta-based firm, acquired majority interest in the firm in 2011, then Felts purchased his partner’s share when Miller retired in 2015. Earlier this year, ZP Enterprises decided to seek new ownership for three of its portfolio companies, including Quality Products & Machine, LLC and Tri-Tec Industries Inc., both of Charlotte, NC, as well as Advanced Machining. It quickly reached agreement with Main Street, who acquired all three firms today.
“We are delighted to become associated with Advanced Machining and its sister CNC machining companies Quality Products and Tri-Tec Industries,” stated Ryan Davis, Managing Partner at Main Street. “Keith has done an excellent job leading Advanced. We look forward to supporting his initiatives to grow the company, sustain outstanding customer service, and serve as a model employer in the Salisbury community.”
Davis added, “Main Street is also pleased to announce that Gary Holcomb, an executive with whom Main Street knows well, will become CEO of the newly formed company that will own Advanced Machining, Quality Products and Tri-Tec. Gary was previously CEO of Coining of America, LLC, a Main Street portfolio company in Saddle Brook, NJ that made precision metal parts used to enclose and package semiconductors. In addition, we are extremely excited to announce that David Crow, Vice President at ZP Enterprises, will be joining us as CFO of the new firm which as of today has not been given a name.”
“I am looking forward to working with Dave and Gary,” reiterated Felts. “My counterparts Rick Loyd at Tri-Tec and Kevin Farmer at Quality Products and I know Dave well. We have worked with him successfully for years. We only recently met Gary, but he will fit in well with us. Gary has had jobs like mine before, is an experienced businessman with years of CNC machining experience, and deals well with customers.”
Besides Coining, Main Street has owned other specialty metals manufacturing companies since its founding in 1994 as well as investments in electronic manufacturing services, specialty foods and niche distribution firms. Main Street seeks to acquire companies that are leaders in their respective industries, and then provides the resources necessary to grow these firms for the benefit of investors, employees, customers and the community of which they are a part.