KALAMAZOO–Officials at Grand Rapids-based Calder Capital LLC announced that Kalamazoo-based Elite Tooling LLC has been acquired by FabX Industries Inc., the manufacturing holding company and parent of Aquest Machining and LaserTec, machining and fabrication services companies based in Greenville.
Elite Tooling serves the pharmaceutical, medical, and aerospace manufacturers in the Kalamazoo area.
Shane Smith, who founded the business at age 18, plans to remain with the business as president. “Finding the right buyer for Elite and closing the deal took about a year, and it was a relief that the process could continue even in the midst of COVID,” Smith said. “I was seeking a growth partner and I am confident that the leadership of Gopi Ganta and Bob Playford of FabX will take Elite to the next tier of success and performance. The Calder Capital team was professional, dedicated, and down-to-earth. I look forward to seeing how Elite Tooling will grow under the direction of FabX Industries.”
Said Ganta, the owner of FabX Industries, commented: “I had been looking for an established five-axis CNC acquisition for some time. When I met Shane and toured the facility, I knew I had come across an excellent fit. Shane cares deeply about his team and customers, and that is reflected in the immaculate condition that he keeps his facility. I have rarely seen such attention to detail and pride in ownership. I look forward to a long-term and prosperous relationship with Shane Smith.”
And Max Friar, managing director at Calder Capital, added: “Elite Tooling is an example of the fact that whether it’s ‘a good time to sell’ depends mainly on the seller and buyer. Mr. Smith’s dedication to his company for over two decades brought it to the successful establishment it is today, and FabX Industries has the strategic resources bring it to a whole new level. A fit like this isn’t always easy to find, but it’s what Calder Capital strives to accomplish with every transaction. We are running full steam ahead and are confident that 2020 will be a record year for our firm.”
Calder Capital represented Elite Tooling as its merger and acquisition advisory firm. The transaction is the 20th of the year for Calder Capital.
More at https://www.caldergr.com/ or https://fabxindustries.com/.