Merger • Manufacturing

Libra Industries Acquires Gemcity Engineering and Manufacturing

On December 16, 2019, Libra Industries acquired manufacturer Gemcity Engineering and Manufacturing from CW Industrial Partners and Ironwood Capital

Acquisition Context
  • This is Libra Industries’ 1st transaction in the Manufacturing sector.
  • This is Libra Industries’ 1st transaction in the United States.
  • This is Libra Industries’ 1st transaction in Ohio.

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M&A Deal Summary

Date December 16, 2019
Target Gemcity Engineering and Manufacturing
Sector Manufacturing
Buyer(s) Libra Industries
Sellers(s) CW Industrial Partners
Ironwood Capital
Deal Type Merger

Target Company

Gemcity Engineering and Manufacturing

Dayton, Ohio, United States
Gemcity Engineering and Manufacturing is a contract and specialized equipment manufacturer of highly engineered products serving the defense, healthcare, semiconductor, and industrial machinery markets. Gemcity Engineering and Manufacturing is based in Dayton, Ohio.
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Buyer Overview 1

Buyer

Libra Industries

Dayton, Ohio, United States

Category Company
Founded 1980
Sector Manufacturing
DESCRIPTION

Libra Industries is a vertically integrated contract manufacturer providing electronic manufacturing services (EMS) to OEMs in the aerospace, defense, medical, semiconductor, communications, and industrial markets. Libra Industries was founded in 1980 and is headquartered in Dayton, Ohio.


Deal Context for Buyer #
Overall 1 of 2
Sector: Manufacturing 1 of 1
Type: Merger 1 of 1
State: Ohio 1 of 1
Country: United States 1 of 1
Year: 2019 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-28 Benchmark Electronics - Guaymas Mexico Facility

Guaymas, Mexico

Benchmark Electronics' Guaymas, Mexico Facility manufactures complex assemblies and sub-assemblies for a blue-chip customer base.

Buy -

Seller Profiles 2

SELLER

CW Industrial Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 500M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

CW Industrial Partners is an industrial-focused private equity firm that is backed by knowledgeable investors who partner with it in finding, vetting, and owning companies. CW Industrial Partners acquires lower middle-market companies in manufacturing and industrial services industries and provides capital, support, and freedom to grow. CW Industrial Partners was founded in 1999 and is based in Cleveland, Ohio.


Deal Context for Seller #
Overall 15 of 18
Sector: Manufacturing 3 of 4
Type: Merger 1 of 1
State: Ohio 6 of 6
Country: United States 13 of 16
Year: 2019 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Avtron Aerospace

Cleveland, Ohio, United States

Avtron Aerospace, Inc. is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. Avtron Aerospace was founded in 1953 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 ERL Marine

New Albany, Indiana, United States

ERL Marine is a manufacturer of pumping, gauging, venting, environmental and related solutions for tank barges as well as railroad cars. ERL Marine was founded in 1970 and is based in New Albany, Indiana.

Buy -
SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


Deal Context for Seller #
Overall 34 of 55
Sector: Manufacturing 4 of 8
Type: Merger 1 of 1
State: Ohio 2 of 4
Country: United States 34 of 55
Year: 2019 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-12 Numet

Orange, Connecticut, United States

Numetis a manufacturer of precision machined parts, kits, and assemblies for jet turbine engines for a wide variety of commercial and military aircraft. Numet serves original equipment manufacturers including GE Aircraft Engines and Pratt & Whitney Aircraft, as well as the Department of Defense. Numet was founded in 1983 and is based in Orange, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 Bush Industries

Jamestown, New York, United States

Bush Industries, Inc. is a manufacturer and distributor of high quality, affordably priced “ready to assemble” and fully assembled commercial and household office furniture. Bush Industries, Inc. has over 300 employees and is headquartered in Jamestown, New York with additional distribution facilities in Erie, Pennsylvania and Reno, Nevada.

Sell -