Washington Equity Partners recently announced that it has acquired Accu-Tube (Englewood, Colo.). The financial details of the deal were not disclosed. The company also appointed Kevin McGrath as CEO of Accu-Tube, effective immediately.
McGrath has held a number of leadership roles, including most recently, VP of advanced surgical at Tecomet. He has also held executive leadership roles at Mountainside Medical, Accellent, MedSource Technologies and National Wire and Stamping.
“I am excited to join the Accu-Tube team as the company begins its partnership with Washington Equity,” said McGrath. “I have been a longtime customer of Accu-Tube’s tubing and have a strong appreciation for the market-leading quality of its products, the strong capabilities of its talented management and employees and the opportunity ahead. We look forward to enhancing our service levels to each of our current customers and building increased awareness of our capabilities across each of our market segments.”
Accu-Tube currently manufactures top quality standard and custom size stainless steel tubing that ranges in size from 0.009 in. OD to 0.375 in. OD.
“Accu-Tube is a clear market leader with unique engineering capabilities and differentiated products, and the customer demand for its tubing far exceeds the company’s current revenue base,” Jesse Liu, a partner at Washington Equity, said. “We plan to make significant investments to expand the company’s manufacturing capacity and are excited to be partnering with new CEO Kevin McGrath and the current Accu-Tube team to grow the business.”
According to the company, Plexus Capital and Private Advisors provided debt and equity financing during the acquisition transaction.EdgePoint was the exclusive financial advisor to Accu-Tube.
“We are thrilled to add Accu-Tube to our portfolio and we will invest our capital, expertise and resources to significantly expand Accu-Tube’s operations, manufacturing footprint and employee base,” said Bob Knibb, a partner at Washington Equity. “In addition, we are also eager to pursue potential acquisitions of companies that have complementary tubing capabilities.”