SCOTTSDALE, Ariz. and WILLITS, Calif. /PRNewswire/ -- Montage Partners, a Scottsdale, Arizona-based private equity firm, is pleased to announce its acquisition of Advanced Manufacturing and Development, Inc., dba METALfx ("METALfx"), from a subsidiary of Avista Corporation. METALfx's existing management team will continue to lead the company and will own a meaningful equity stake in the business.
Founded in 1976 and headquartered in Willits, California, METALfx is a leading provider of precision sheet metal fabrications, enclosures, assemblies, and complex wood composite components across a variety of industries, including technology, healthcare, industrial, and others. The company is strategically focused on serving customers who demand quick turnaround times, prototype collaboration, engineering support, and rigorous product standards, and whose parts are highly engineered, complex, and subject to high precision and tight tolerances.
"METALfx is a value-add, long-term partner to some of the most innovative companies across the U.S.," said Rob Wolfman, co-Managing Partner at Montage Partners. "We're thrilled to be partnering with Henry Moss, Gordon Short, and the long-standing management team at METALfx, and to support the company as it makes additional investments in people, technology, and equipment to better serve its customers. We realized early in our relationship with METALfx that the company is hyper-focused on exceeding customer expectations through its 'engineering-first' approach and focus on people. These values align well with our cultural ethos and it soon became clear that our partnership would be a strong fit."
"Today marks the beginning of an exciting time for METALfx, and we are delighted to be working with Montage Partners to reach our next phase of growth as an independent company," said Henry Moss, President and shareholder of METALfx. "With Montage Partners' support and guidance, we look forward to delivering more value to our customers through enhanced capabilities and engineering-driven solutions."
Gordon Short, who has served as President of METALfx for the past 19 years, will remain a shareholder and member of the board of directors going forward. Short commented, "We appreciate the support of Avista Corporation over the last 24 years. We're proud of our achievements during that time and have no doubt that the company is more well-positioned than ever to continue its success for many years to come."
The transaction closed April 18, 2019. Osborn Maledon, P.A., provided legal counsel to Montage Partners, and Davis Wright Tremaine LLP provided legal counsel to Avista Corporation. Asenti Diligence Partners, LLC, provided financial due diligence advisory services to Montage Partners. Meridian Capital LLC served as financial advisor to METALfx. Enterprise Bank & Trust and Eagle Private Capital LLC provided debt financing to support the transaction.
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