Speedgrip Chuck Inc., an Elkhart, Ind.-based designer and manufacturer of highly engineered workholding mechanisms, has been sold to an affiliate of Stratford-Cambridge Group, a private investment firm headquartered in Plymouth, Mich. Speedgrip announced the transaction in a news release issued Dec. 16.

The Stratford-Cambridge Group focuses on buying and building value within industrial companies headquartered in the Midwest, according to the news release. The companies the group seeks to acquire are said to have value-building propositions that are actionable and attainable. By instituting leadership, a compelling vision and strategy along with solid business practices, the Stratford-Cambridge Group works to push companies to the next level in regard to financial performance and value.

Founded in 1946, Speedgrip attributed its success to consistent and strong relationships with its global client base and strong management team, which the company said will remain focused on operating excellence and driving revenue growth through product innovation and customization well into the future.