Purchase of Hoppe Technologies Announced by GenNx360 Capital Partners and Trimaster Manufacturing
Portfolio Company News - November 02, 2011
GenNx360 Capital Partners, L.P., in conjunction with its portfolio company Trimaster Manufacturing Inc., a manufacturer of precision machined components and complex subassemblies, announced today its purchase of 100 percent of Hoppe Technologies. Terms were not released.
Hoppe Technologies will provide Trimaster with a U.S.-based manufacturing footprint and expansion in the aerospace/defense and general industrial end markets. This will allow Trimaster to serve U.S.-based customers locally and will also allow for better sourcing opportunities. Hoppe and Trimaster will work together to create immediate strategic value for their customers.
"Our Trimaster team already has customers waiting for the U.S. address to send quotes for precision machined components," said Howard Singleton, CEO of Trimaster Companies. "Hoppe allows us to better serve our customers and optimize capacity."
"Both Trimaster and GenNx360 bring a number of contacts that will add value for our company, employees and customers. From the start, our new partners have provided great examples of how the combination of Trimaster and Hoppe will build value,â€ said Eric Hagopian, President, Hoppe Technologies. "I'm excited about working with customers to build more opportunities right away."
The acquisition of Hoppe Technologies is a strategic fit to GenNx360's growing portfolio of companies that includes best-in-breed corporations specializing in growth sectors including industrial machinery and equipment components, specialty chemicals and engineered materials, and business services and logistics.
"The acquisition of Hoppe Technologies represents GenNx360's continued commitment to manufacturing as a future driver to North American economic growth," said Charles Castine, Senior Partner, GenNx360 Capital Partners. "Both companies have the manufacturing, engineering and equipment necessary to produce the high quality and cost competitive products that North American industries will require in a global market."
ABOUT HOPPE TECHNOLOGIES
Headquartered in Chicopee, MA, Hoppe Technologies is a Tier-1 supplier of precision machined components and assemblies used in the aerospace, defense, optics, power generation and general commercial industries. Key manufacturing capabilities in its 40,000 sq. ft. facility include CNC Milling, CNC Multitasking, CNC EDM, CNC turning, CNC grinding, CNC programming and engineering (reverse engineering, concurrent engineering). The company is certified to both ISO 9001:2000 and AS9100 standards.
ABOUT TRIMASTER COMPANIES
Trimaster Manufacturing Inc. is a manufacturer of precision machined components and complex subassemblies used in sophisticated machines including natural gas turbines, automated teller machines, industrial document insertion machines, and digital cinema projectors. The Company's manufacturing capabilities are applied across a diverse range of general industrial end markets, including power generation, document insertion, ATMs, military/defense and petrochemicals, reducing its exposure to any individual industry cycle. Major customers include several Fortune 500 companies.
For more information about Trimaster, please visit: www.trimastermfg.com.
ABOUT GENNX360 CAPITAL PARTNERS
GenNx360 Capital Partners is a Private Equity 3.0 firm specializing in buyouts of industrial business to business companies in the middle market. The firm focuses on opportunities in the following industries: industrial water treatment; specialty chemicals and engineered materials; industrial machinery and equipment components; global transportation component parts, including auto, rail and infrastructure; aerospace and defense; oil and gas services, including parts and equipment; and business services, including logistics. GenNx360 seeks to invest in companies having revenues between $50 million and $500 million. GenNx360 was founded in January 2006 and is based in New York City, with additional offices in Seattle, Washington; Boston, Massachusetts; Gurgaon, India; and Bangalore, India.