FOR IMMEDIATE RELEASE
November 12, 2015
Richmond, VA –Transact Capital Partners is pleased to announce that Craft Machine Works, Inc., a Hampton-based large part steel fabrication and machining company, was acquired by a subsidiary of American Industrial Acquisition Corporation (AIAC). Transact Capital Partners served as the exclusive financial advisor to Craft Machine. Tony Vincent managed the transaction for Transact Capital.
Craft Machine was established in 1957 by Jake Schrum to provide steel fabrication and machining services to OEM manufacturers. AIAC, headquartered in New York, New York, was founded in 1996. AIAC’s companies manufacture precision products and equipment for a wide variety of end markets, including food, pharmaceutical, petro-chemical, aerospace, defense, appliances, automotive, rail, refrigeration, construction and medical devices. AIAC is a closely-held industrial group of fifty manufacturing operations with over 8,000 employees in sixteen countries in North America, Europe, Africa and Asia. Larry Schwoeri of AIAC will become the CEO of Craft Machine. According to Michael Schrum, who will remain as Craft Machine’s President, “Transact Capital worked tirelessly on behave of the shareholders to find the best possible buyer for Craft Machine from among a group of over 100 perspective buyers. It was Tony’s coaching and tenacity in this deal that helped get it across the goal line.”
Transact Capital Partners is a full-service business brokerage, mergers and acquisitions advisory firm headquartered in Richmond, VA, with offices in Roanoke and Tidewater, VA, Lexington, KY, Orlando, FL, and Central Pennsylvania. Transact focuses on the needs of small privately held companies in the lower middle market with enterprise values under $100 million. With extensive experience in owning, running, and investing in private companies or divisions of public companies, the firm’s principals are able to help many business owners exit their companies or explore other opportunities. Security transactions are offered through Transact Capital Securities, LLC. Member FINRA and SIPC.
To learn more about this transaction, or Transact Capital Partners, please call Tony Vincent at 804-612-7107 (Tony@TransactCapital.com), or contact Steve Zacharias at 804-612-7102 (Steve@TransactCapital.com). Additional information about Transact Capital Partners can be found at www.TransactCapital.com.