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Alloy Die Casting Announces Investment From PWP Growth EquityAlloy Die Casting Co. ("ADC (News - Alert)" or "the Company"), a leading provider of value-added manufacturing and supply-chain solutions for highly-engineered metal components, today announced an investment from PWP Growth Equity. The investment will enable the Company to further invest in people and equipment to provide additional value-added services to its customers. Terms of the transaction were not disclosed. ADC specializes in providing turnkey casting, machining, and other value-added solutions for short-run, high-complexity components to leading players in the aerospace, defense, medical, automotive, and industrial segments. Founded in 1946, ADC manufactures a wide variety of products from its 105,000 square foot facility in Buena Park, CA (News - Alert). The Company is led by President and CEO Rick Simpson, who has driven substantial investments in people, processes, and equipment, enhancing ADC's reputation as a reliable, innovative partner to the top companies in its targeted industries. "I am extremely excited about this new chapter for ADC. PWP Growth Equity and ADC share a similar culture and commitment to growth," said Mr. Simpson. "This partnership will allow us to accelerate our investments in people, state-of-the-art equipment, and techology to support our customers' growth." Dan Leever, Operating Partner of PWP Growth Equity, commented, "We are excited to partner with Rick and the ADC management team. They have built an industry-leading company that is a trusted supplier to some of the most prominent OEMs in the world. We look forward to supporting ADC in their next stage of growth." As a part of the investment, Mr. Simpson, Mr. Leever, David Ferguson (Partner and Co-Founder of PWP Growth Equity), and John McKee (Managing Director of PWP Growth Equity) have been named to the Company's Board of Directors. Prestwick Advisors acted as financial advisor to ADC and former majority owners Gladstone Investment Corporation and Gladstone Capital Corporation on this transaction. About PWP Growth Equity PWP Growth Equity is the middle market private equity group of Perella Weinberg Partners, managed by Chip Baird and David Ferguson. PWP Growth Equity manages private equity funds with aggregate commitments of $1.35 billion focused on growth-oriented, lower middle market companies, primarily in the United States, across the consumer, services, and industrial sectors. PWP Growth Equity seeks to partner with existing owners and management teams, providing both capital and experience in a tailored and flexible structure, to support the growth plans and vision for value creation. PWP Growth Equity's current and former investments include: TickPick, Quick Med Claims, SkinSpirit, The RealReal, 360training, Delphon Industries, Luna Grill, Hyphen Solutions, Black Bear Diner, MSA Security, MOD Pizza, YouFit Health Clubs, Western Window Systems, and Build A Sign. For more information on PWP Growth Equity, please visit: http://www.pwpgrowthequity.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20190826005434/en/ |
