InterOcean Advisors is pleased to announce the successful sale of Magna-Tech Manufacturing, Inc. (“Magna-Tech”) to CapitalWorks, LLC, a private equity firm focused on control investments in middle-market companies in the United States and Canada. InterOcean served as the exclusive financial advisor to Magna-Tech and its shareholder.
“We are very excited to be partnering with the CapitalWorks team. CapitalWorks will provide Magna-Tech with additional financial and management resources to further facilitate penetration into our current markets and entrance to new component sectors and geographic regions.”Dan Irving, President of Magna-TechMagna-Tech Manufacturing, Inc. is the largest independent provider of vacuum impregnation sealing solutions in North America for both cast metal and electronic components. The Company also offers metal machining, leak testing, chromating, cleaning, shot blasting, sub assembly and thermal deburring services. Its customers primarily produce components for the automotive, railcar, pleasure boat, electric motor, electronic module and wire/cable industries.
Magna-Tech was founded in 1987 and is headquartered in Muncie, Indiana.
“As a result of its long-term commitment to provide local and reliable quality services tailored to the needs of its customers, Magna-Tech has developed important relationships with many suppliers of critical cast aluminum and electronic components. Many additional opportunities exist for the application of its capabilities, which will support important future growth,” stated Mr. William B. Doepke, a Managing Director at InterOcean.