August 14, 2020 – Consolidated Machine & Tool Holdings (“CMTH”), a portfolio company of White Wolf Capital (“White Wolf”), is pleased to announce the acquisition of Waiteco Machine (“Waiteco”), managed by William Waite and Paulette Barros and Specialty CNC (“Specialty”), led by Roger Shoufler and Mike Baker.
These acquisitions bring additional manufacturing capacity to CMTH, and their advanced CNC equipment run by talented machinists enhances the capabilities of the CMTH family of companies. The acquisitions benefit both Waiteco and Specialty by providing access to capital, supporting their continued growth, and last but not least, further growth opportunities and enhanced benefits for our most valued assets – our employees. Both transactions were closed simultaneously on August 14, 2020. Details of the transactions were not disclosed.
Sean Lafferty, CFO of CMTH, noted, “We are excited to have Waiteco and Specialty CNC join our team. Both companies have talented management and staff, and we look forward to helping them grow and further develop their businesses”.
Elie Azar, a Managing Director and CEO of White Wolf, noted, “We are really excited to partner with the talented folks at Waiteco and Specialty and look forward to supporting their continued growth. With the additions of Waiteco and Specialty to the CMTH family, CMTH has closed on five add-on acquisitions this year alone. We are enthusiastic about CMTH’s continued growth and what this means for our employees and customers.”
CMTH, started by White Wolf Capital in early 2017, is a platform holding company comprised of industry leading manufacturers specializing in precision machining, fabrication, assembly, and design of highly engineered components. CMTH locations are AS9100, ISO:9001, and ITAR certified. CMTH has a seasoned management team with experience serving various blue chip customers across multiple industries. For further information, please visit: www.cmth.com.
Waiteco, founded by William Waite in 1982, provides contract machining and assembly services for industrial manufacturing customers nationally. Waiteco boasts an experienced team of machinists and programmers that are able to machine a variety of materials and can do horizontal milling and precision welding. Waiteco is located in Devens, MA. For further information, please visit: www.waitecomachine.com.
Specialty, founded by Mike Baker and Roger Shoufler in 1998, provides contract machining and complex assembly services for the defense (Navy), aerospace, and medical industries. Employees are all highly skilled and capable of machining and programming. Specialty can also machine all types of metals and plastics. Specialty is located in Bloomington, IN. For further information, please visit: www.specialtycnc.com.
CMTH is actively seeking add-on acquisition opportunities that meet the following criteria:
White Wolf Capital is a private investment firm that began operations in late 2011 and is focused on making both direct and indirect investments in leading middle market companies located in North America.
On the direct side, White Wolf Capital seeks both private equity as well as private credit investment opportunities in companies with $20 million to $200 million in revenues and up to $20 million in EBITDA. Typical situations include, management buyouts leveraged buyouts, recapitalizations and investments for growth. Preferred industries include manufacturing, business services, government services, information technology, security, aerospace and defense.
In addition to making direct investments in operating companies, White Wolf Capital also looks to invest with other private fund managers as a limited partner. Targeted investment candidates are North American focused private credit funds looking to raise $50 million to $500 million in assets under management, with a focus on the lower-middle and middle-market. For further information, please visit: www.whitewolfcapital.com.