FOR IMMEDIATE RELEASE
Acquisition Announcement: Innovance, Inc. has Acquired Midland Technologies, Inc.
MINNEAPOLIS, MN– Quazar Capital Corporation (www.quazarcapital.com), a private investment banking firm specializing in merger and acquisition (M&A) services, is pleased to announce that their client, Innovance, Inc. (“Innovance”), has made its second acquisition of 2016, by acquiring all of the assets of Midland Technologies, Inc. (“Midland”). This transaction highlights Quazar’s continued focus on ESOP (Employee Stock Ownership Plan) companies, its strong manufacturing industry experience, and its continued commitment to Midwest-based businesses. The terms of the transaction were not disclosed.
Midland Technologies is a Rogers, Minnesota-based leading manufacturer of valve-less vacuum blocks, valve-less super chill blocks, ultimate vent blocks, vacuum systems, and other products designed as components used in the die-casting and plastic-mold industries. Midland brings new dimensions to Innovance’s current product and service offerings, with the addition of products in the die-casting and plastic-mold industries. Innovance is continuing Midland’s operations out of Rogers, MN.
“Midland Technologies is a successful, well-run business that further adds to Innovance’s capabilities and product lines. We are excited about the new opportunities that this acquisition will provide in the die-casting and plastic mold industries. Midland has unique products in a niche market, with many opportunities to expand their customer base and offerings. Overall, the success of Midland’s manufacturing capabilities, its talented workforce, and its high-quality products makes it a great fit for Innovance going forward.” said Mike Larson, CEO, Innovance.
Rick Dubay, [Former] President and Owner, Midland Technologies, commented, “I am extremely excited for the future of Midland Technologies. Innovance will bring more resources to the table that will help Midland reach new levels of performance. After years of dedication and hard work, it is nice to see the employees in good hands with a leading manufacturer in the Midwest.”
Innovance, Inc. is a 100% employee – owned company (ESOP) and the holding company for subsidiaries Lou-Rich, Inc. (www.lou-rich.com), Almco, Inc. (www.almco.com), and Mass Finishing, Inc. (www.massfin.com). Lou-Rich provides contract engineering and manufacturing services. Almco is a state-of-the-art manufacturer of industrial deburring, parts washing, and vibratory metal finishing equipment. Mass Finishing is the leading supplier of high energy centrifugal barrel finishing machines, supplies, and services. For more information on Innovance, Inc., please visit www.innovance.com
Quazar Capital Corporation is a Minnesota investment banking firm ,with over 25 years’ in experience confidentially helping privately held companies with Mergers and Acquisitions, Recapitalizations, and Financial Advisory Services. Quazar specializes in transitioning companies with Revenues of $10 – $100 million and EBITDA of $2 – $10 million. For more information on Quazar Capital Corporation, please visit www.quazarcapital.com
No further details are available.