fbpx
Published in Manufacturing

Greenville manufacturer acquires precision tooling company

BY MIBIZ STAFF Monday, August 10, 2020 05:40am

Greenville-based FabX Industries Inc. has acquired Elite Tooling LLC in Kalamazoo.

Shane Smith, who founded Elite Tooling in 1996 at the age of 18, remains with the company as president. Elite Tooling serves pharmaceutical, medical and aerospace manufacturers in the Kalamazoo area with a focus on low-volume, high-precision and fast turnaround work.

In seeking a buyer, Smith sought and found in FabX a growth partner that “will take Elite to the next tier of success and performance,” he said.

“Finding the right buyer for Elite and closing the deal took about a year, and it was a relief that the process could continue even in the midst of COVID,” Smith said.

A machining and fabrication service provider, FabX Industries is the parent company of Aquest Machining & Assembly and LaserTec.

The acquisition enables FabX Industries to expand its reach into high-precision machining and makes Kalamazoo a “strategic location to service our customers in Northern Indiana,” owner Gopi Ganta said.

“I had been looking for an established 5-axis CNC acquisition for some time. When I met Shane and toured the facility, I knew I had come across an excellent fit,” Ganta said in a news release from Calder Capital, LLC. “Shane cares deeply about his team and customers, and that is reflected in the immaculate condition that he keeps his facility. I have rarely seen such attention to detail and pride in ownership.”

Terms of the deal were undisclosed. Grand Rapids-based Calder Capital represented Elite Tooling as its exclusive M&A advisory firm.

The deal was the 20th that Calder Capital has closed this year, Managing Partner Max Friar said.

Read 4586 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >