Speyside Equity Fund I LP in New York has announced the acquisition of Shelby Township-based Avon Gear Co. The transaction was completed on May 17, and terms of the agreement were not disclosed.
Avon Gear designs and produces large, complex precision parts for heavy equipment industries in North America and beyond. The company collaboratively engineers and provides the part solution that maximizes long-term durability and cost effectiveness as a Tier 1 supplier to automotive OEMs. The company was founded in 1974 and moved to its current 110,000-square foot facility in Shelby Township in 2008.
“Avon has a long track record in the gear machining business,” says Jeffrey Stone, managing director for Speyside. “The current environment for Avon’s end markets is improving which provides an opportunity for growth.”
Founded in 2005, Speyside Equity utilizes an operationally intensive approach to investing in manufacturing, specifically chemicals and food ingredients businesses. The company made its first investment in Sweet Ovations, a food ingredient company, in 2005 and had its first exit in 2010 when it sold Stahl Specialty Co.