GRAND HAVEN — After being part of the JSJ Corp. portfolio of companies for nearly 80 years, metalworking equipment and machine tool maker Dake Corp. has new owners.
The company was acquired by CNC machinery and woodworking equipment maker Laguna Tools Inc. of Irvine, Calif. in a deal that closed Nov. 20.
For Grand Haven-based JSJ Corp., the sale positions the firm to increase its investments in other high-growth companies in its portfolio, while the deal positions Dake with a new owner with an extensive distribution channel, according to a statement.
“While it’s not easy to part ways with a company that has been a part of the fabric of JSJ, this agreement is a true win-win-win,” JSJ Corp. Chairman and CEO Nelson Jacobson said in a statement. “Laguna Tools is adding an iconic brand with world-class products and an unbeatable team. Dake has an incredible opportunity to grow under the guidance of an industry veteran and leader. And JSJ is open to pursue new investments that align with our focus on growth, technology and innovation.”
Terms of the deal were undisclosed. JSJ Corp. was advised on the deal by Grand Rapids-based Charter Capital Partners and the law firm of Miller, Johnson, Snell & Cummiskey PLC.
Laguna Tools is a portfolio company of Rye Brook, N.Y.-based Hudson Ferry Capital, a private equity firm that invests in lower middle market companies.
JSJ Corp.’s portfolio includes GHSP, Sparks Belting Co., Hudson Technologies, and Mcloone.
In August, MiBiz broke news that GHSP was moving its headquarters and engineering laboratory from Grand Haven to the Holland Technical Center. GHSP CEO Tom Rizzi said at the time that the move would allow the company to expand its technology development department to focus on more product innovation.