Speyside Equity Fund I LP announces the acquisition of Ashland Foundry and Machine Works, Inc., West Coast Stainless Products, and Dynatek Inc. Ashland Foundry is located in Ashland, PA and the transaction was completed on 5/1/2017. West Coast Stainless Products and Dynatek Inc. are located in Huntington Park, CA and the transaction was completed on 5/6/17.
Ashland Foundry & Machine Works, Inc (AFMW) manufactures complex, highly engineered Steel, Chrome Iron and High Alloy castings ranging in size from 50 pounds to 7,500 pounds primarily for OEM Pump manufacturers. The Ashland facility has operated continuously since 1881 and strives to provide high quality products and services to their customers. The company has an AOD, extensive machining facility, simulation software and in-house 3-D printing to provide customers with a range of technical capabilities and the ability to cast, machine, assemble and test large complex products.
West Coast Stainless Products manufactures Impellers for Pump OEMs in various high alloy steels, Ni-Resist (hard temp resistant grade of Iron) and other exotics. Dynatek Inc. is a sister company to West Coast providing machining services (turning and boring) along with other value-add services such as polishing and pressure testing.
Jeffrey Stone, Managing Director for Speyside, commented: “Ashland and West Coast provide a fully machined solution to their customers from optimum geographic locations on the East and West coasts. These businesses offer a fuller suite of solutions, both alloys and capabilities, for our existing portfolio foundries as well as entry into new end markets. We are confident in a strong and sustainable future for Ashland, West Coast and Dynatek.”
About Speyside Equity
Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals, industrials/metal forming and food ingredients businesses. Speyside targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. Speyside prefers situations where there are opportunities to leverage its operating expertise to improve financial performance and create sustainable long-term value.
Since its formation, Speyside has successfully executed numerous platform investments and add-on acquisitions using its own capital. The team made its first investment in Sweet Ovations, a food ingredient company, in 2005 and had its first exit in 2010 when it sold Stahl Specialty Company. This principal-driven investment philosophy and approach has continued in its $130 million institutional fund closed in January 2016, Speyside Equity Fund I LP. To date, Speyside has executed 9 platform investments since closing the fund.
Jeffrey A. Stone