Precision Machine & Manufacturing Co. (PMM) has announced the completion of a management-led acquisition of the company from the retiring owners, Jim and Colleen Miller. The investment team is led by Kirk Morton, company President. Funding to support the acquisition was provided by Central Valley Fund (CVF) and Socius Capital.
Morton has directed the organisation’s sales and production operations since joining the firm in 2011, and will continue to lead the company, having made a significant personal investment as part of the acquisition.
“The acquisition brings additional capital to the company to help accelerate our long-held strategy of expanding our geographic footprint and broad portfolio of products and services,” stated Morton. “PMM has a demonstrated track record of growth, and we will continue to improve our position as a valued partner to our customers and vendors.”
Jose Blanco, Partner at CVF, said, “As a leading independent provider of rotary valves, feeders and screw conveyors, PMM has a strong reputation for technical expertise, customer service and products that serve a diverse set of end markets. We were very attracted to this investment and look forward to working with the entire PMM organisation to support the growth of the company.”
“We were drawn to PMM due to the fact that they focus on the most challenging applications for moving granular materials, and offer products that provide customers with superior performance and longevity,” added David Woodward, Managing Director at Socius Capital.
Adapted from press release by Louise Fordham
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