A manufacturing holding company in Greenville acquired a CNC machining business in Kalamazoo.
Greenville-based machining and fabrication services holding company FabX Industries, the parent company of Aquest Machining and LaserTec, acquired Kalamazoo-based Elite Tooling LLC, according to Calder Capital last week, which represented Elite Tooling in the transaction.
Terms of the deal were not disclosed.
Elite Tooling, founded by Shane Smith in 1996, is a low-volume production company that serves the pharmaceutical, medical and aerospace industries in greater Kalamazoo.
During the past 24 years, Smith handpicked and assembled a team “that thrives on fielding technically challenging projects with short deadlines,” the company said.
Smith plans to remain with the business long-term as the president.
“I was seeking a growth partner, and I am confident that the leadership of Gopi Ganta and Bob Playford of FabX will take Elite to the next tier of success and performance,” Smith said. “I look forward to seeing how Elite Tooling will grow under the direction of FabX Industries.”
Gopi Ganta, owner of FabX Industries, said the acquisition was the perfect fit for his company.
“I had been looking for an established five-axis CNC acquisition for some time. When I met Shane and toured the facility, I knew I had come across an excellent fit. 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,” he said.
“With this acquisition, FabX Industries will be able to expand its reach into high-precision machining and also make Kalamazoo a strategic location to service our customers in northern Indiana.”
Calder Capital represented Elite Tooling as its exclusive mergers and acquisitions advisory firm. Scott Nicholson, a M&A adviser for Calder Capital, oversaw the transaction.
This was the 20th transaction of 2020 for the Calder Capital team.