Electro-Spec provides electroplated and passivated parts for OEMs [Photo courtesy of Electro-Spec]
Financial terms of the deal were not disclosed.
Electro-Spec has facilities in Franklin, Indiana, and Lexington, South Carolina. The medtech supplier offers electroplating, passivation and metallurgical analysis to original equipment manufacturers and precision machining shops through automated and semi-automated lines for gold plating, electroless nickel plating and micro-miniature plating.
“Electro-Spec has developed a reputation for partnering closely with engineers and quality teams to address corrosion, wear, conductivity and performance challenges in mission-critical applications,” Tide Rock said in a news release. “The company’s investments in automated production systems, laboratory capabilities and proprietary plating technologies allow it to deliver precision, traceability and repeatability for customers operating in highly regulated environments.”
Tide Rock describes itself as a growth platform for business-to-business companies. Instead of private equity’s leveraged buyouts, the investment firm says it doesn’t use bank debt to fund its purchases of lower-middle market manufacturing, distribution and service providers.
“Electro-Spec stood out as an attractive acquisition opportunity because of its combination of technical expertise, long-term customer relationships, and growth potential,” Tide Rock President Brooks Kincaid said in the release.
Related: Private equity’s on the hunt for big profits in medtech
“Building and growing Electro-Spec over the last 32 years has been the journey of a lifetime. What began as a small operation has grown into a thriving multi-site company with customers all over the world,” Electro-Spec President Jeff Smith said in the release.
“As I looked toward the future and our next chapter, finding the right home for Electro-Spec was my highest priority,” he later continued. “I chose to partner with Tide Rock because of their unique approach to investing and growing businesses such as ours.”
