Pi Optima Manufacturing Inc., a Zeeland-based machine shop that supplies the aerospace and automotive industries, is under new ownership.
Kyle Snyder, general manager of the company since 2017, bought Pi Optima from previous investor Jason Beecham, according to a statement from Calder Capital LLC, a Grand Rapids-based M&A firm.
Beecham, who is a director at Herman Miller Inc. and also owns Beecham Builders LLC and Audio Impact LLC, had owned the company for the past four years and decided “it needed an owner that is (more) involved in the operations on a day-to-day basis,” according to a statement.
“Given my other business commitments, I decided it was in the best interest of the company to divest,” he said.
The deal had apparently been in the works since 2016 but was “not able to get across the finish line until recently,” according to Beecham.
Synder began working at Pi Optima as the general manager and “turned things around,” according to a statement.
“The company is now stronger than ever,” Synder said.
M&A remains active among West Michigan manufacturers, as MiBiz previously reported. Businesses being brought to market usually have had slight, steady growth over the past few years, but uncertainty surrounding trade and the economy may be affecting various sectors of the market differently.
“It’s rare for a buyer and seller to reach agreement within months and then have to wait years for the deal to become official,” said Calder Capital’s Max Friar. “I really appreciate
everyone’s dedication and I continue to be amazed at our team and our clients’
willingness to forego the path of least resistance.”
Huntington Bancshares Inc. provided financing for the transaction. Terms of the deal were not disclosed.
The latest deal follows the sale of certain products and intellectual property assets of Pi Optima’s Load N Lock Systems division in June 2018 to The Eastern Co. (Nasdaq: EML), a diversified provider of niche industrial products and services. Load N Lock is now part of Eastern’s Illinois Lock Co. division.