Madison Dearborn Partners, a private equity investment firm based in Chicago, has agreed to acquire Bloomfield Hills’ ARCH Precision Components Corp. for an undisclosed amount.
MDP will acquire ARCG PC from ARCH Global Precision and its majority shareholder, The Jordan Co. of New York.
“We are pleased to have found the ideal new home and investment partner for the ARCH PC business,” says Eli Crotzer, president and CEO of ARCH who, upon completion of the transaction, will join the board of directors of the new ARCH PC standalone company.
“MDP understands ARCH PC’s business, its customers and the markets it serves, and I am confident that ARCH PC will continue to grow as a newly-independent company. I’m excited for ARCH PC’s next chapter and look forward to helping ARCH PC remain the most innovative precision-machine components manufacturer in its served markets while remaining true to its values, culture and steadfast commitment to its customers.”
ARCH PC produces precision-machined components for manufacturers in the aerospace and defense, transformative technologies, and industrial markets. As a standalone company, ARCH PC will pursue a customer-centric growth strategy focused on investing in its capabilities, capacity, and people to provide “best-in-class service to customers in its specific end markets.”
Upon completion of the transaction, ARCH Global Precision will consist of its remaining two segments, ARCH Medical Solutions and ARCH Cutting Tools.
“I am proud of the platform we’ve built and grateful for the support we’ve received from TJC,” says Andy Spiering, divisional president of ARCH PC who, at the completion of the transaction, will become CEO of ARCH PC. “ARCH PC will be focused on continuing to deliver high-quality and industry-leading components to our customers. This ever-sharper focus should accelerate our growth and help us provide more opportunities to our employees.”
Drew Macha, a director with MDP’s basic industries team, says, “Eli, Andy, and the entire ARCH team have created a tremendous precision components business with an unwavering commitment to customer excellence. We look forward to building upon this strong foundation and helping ARCH PC expand its industry-leading capabilities in its dynamic and rapidly growing end-markets. Critical to this effort will be our support of the innovative and collaborative culture at ARCH PC, which we believe drives customer and employee success.”
Completion of the transaction, which is expected to occur in the second quarter of 2021, is subject to the satisfaction of customary closing conditions.