Chicago, Illinois, March 21, 2017 – May River Capital, LLC (“May River”), a Chicago-based private equity investment firm, announced it has raised its inaugural fund (“May River Fund I” or “Fund”). May River Fund I closed with total LP commitments of $165 million, following a six-month fundraising process in which investor demand substantially exceeded May River Fund I’s target size. The Fund will continue May River’s focus on investing in high quality, lower middle market industrial businesses with excellent management teams and the potential for significant growth and value enhancement.
May River Capital and Hunt Valve Company have broadened their engineered products portfolios, which primarily serves the attractive defense vertical, by purchasing the assets of Precision Technology, a severe duty, solutions-based designer, manufacturer and supplier of linear motion actuators for automation, machinery, material handling and positioning applications. Precision Technology will be rebranded Hunt Valve Company - Actuator Division. This first add-on for the company complements Hunt Valve’s severe duty, fluid power engineering solutions for military and industrial customers.
May River Capital announced it has purchased and recapitalized MECA & Technology Machine, Inc. ( http://www.mecagb.com ) in partnership with management and other co-investors. MECA, based in Green Bay, Wisconsin, is a manufacturer of tight tolerance sleeves, machined components, and rolls used in the packaging, flexographic printing, and web converting sectors.
Hunt Valve ( www.huntvalve.com ), a fluid power engineering company specializing in severe duty valves and components, was acquired by May River Capital. May River said this initial investment is part of a broader strategy to build a global fluidics engineering platform company.
Hi-Tech Manufacturing, a portfolio company of May River Capital, announced it has acquired a majority interest in GCM Medical and OEM, Inc. and Global Contract Manufacturing (HK) Limited. Headquartered in Union City, California, with a second facility in Dongguan, China, GCM is a preferred supplier of contract manufacturing services to leading OEMs in the medical, industrial, transportation, and aerospace sectors.
May River Capital announced it has purchased and recapitalized Pride Engineering, LLC ( http://www.pridecan.com ) in partnership with management and other co—investors. Pride, based in Brooklyn Park, Minnesota, designs and manufactures highly engineered, mission critical machine tools and equipment used globally in the production of two—piece metal cans for the beverage and food industries.
May River Capital announced that it is actively seeking potential add-on acquisitions for Hi-Tech Manufacturing, LLC ( www.hi-tech-mfg.com ). Hi-Tech is a world- class manufacturer of low-to-medium volume, mission-critical precision machined components and assemblies.
May River Capital announced the acquisition of Hi-Tech Manufacturing, LLC in partnership with management, the Pohlad family, Yukon Capital Partners, L.P., and other co-investors. The transaction strengthens the foundation for Hi-Tech to continue growth in existing end-markets and to pursue selective acquisition opportunities. Cleary Gull Inc. served as financial advisor to Hi-Tech and the selling shareholders in this transaction. Fifth Third Bank provided senior debt financing, while Yukon provided subordinated debt financing beyond its equity co-investment.