NILES — Metal components manufacturer Modineer Co. Inc. will broaden its capabilities and enter new end markets under a deal to acquire the family-owned P-K Tool & Manufacturing Co. of Chicago.
P-K Tool serves customers in the the powersports and automotive industries and offers tool design and build, welding, laser cutting, machining and assembly, according to a statement. The 75-year-old company, which has its headquarters in Chicago, operates manufacturing facilities in Illinois, Kentucky, New Mexico and Mexico.
Niles-based Modineer is a manufacturer and fabricator of low- to medium-volume metal components for the automotive, military, truck/trailer, power sports and industrial industries. Its capacity spans more than 1 million square feet of manufacturing space over 14 facilities in six states, plus Mexico. The company employs more than 950 people.
“We are excited to add the P-K Tool team to Modineer and we will continue to invest in the combined entity to better serve our current and future customers for the benefit of our employees and key stakeholders,” said Ed Hamilton, CEO of Modineer.
Terms of the deal, which closed Jan. 31, were not disclosed.
Modineer is owned by Chicago-based Westbourne Capital Partners, a private equity firm that works with family offices to invest in private companies; Oklahoma City-based family investment firm Hall Capital, the parent company of automotive supplier The Fred Jones Companies; and an unnamed private investor.