KEY 3 CASTING, LLC HAS BEEN ACQUIRED BY METAL TECHNOLOGIES, INC.
Birmingham, Michigan – January 8, 2014 – Angle Advisors is pleased to announce that Metal Technologies, Inc. (“MTI”) has acquired Key 3 Casting, LLC (“Key 3” or the “Company”). Angle Advisors acted as investment banking advisor to Key 3 in completing this transaction.
Key 3 is a leading supplier of lightweight aluminum high pressure die castings and ferrous (ductile and gray iron) castings, serving primarily the automotive & truck, industrial and aerospace & defense markets. The Company is comprised of two aluminum die and squeeze casting facilities as well as a ductile iron foundry in North America, and is focused on complex and lightweight components including engine housings and covers, drivetrain parts, brackets, steering racks, tie rods and sleeves. Founded in 2009, the Company today generates over $70 million in annual sales and employs over 300 persons.
Bob Tamburrino, CEO of Key 3, commented “It was a pleasure to work with the professionals from Angle Advisors on the transaction. Angle’s deep knowledge of the casting industry and strategic relationships across the sector proved critical in identifying interested parties and developing a competitive sale process.”
“The Key 3 acquisition is an integral part of MTI’s strategic plan to grow our metal-casting capabilities to serve our customers’ long-term needs,” Metal Technologies President Matthew Fetter said. “The Key 3 acquisition gives us die casting, squeeze casting, value-add services and small ductile-iron casting capability. In addition, the location in Jackson, Tenn., provides us with a platform to meet the growth of manufacturing in the South.” Fetter added, “We definitely see a long-term trend in the marketplace to reduce casting weight by engineering smaller, lighter, iron components or by utilizing lighter materials such as aluminum. The Key 3 acquisition not only provides MTI with a world-class manufacturing footprint for meeting market demand, but provides us with an excellent technical and management team to execute our strategic plan. We are excited about the opportunities of welcoming the Key 3 team members into the MTI family.”
Craig Melegari, Managing Director of Angle Advisors, commented, “It was a pleasure to work with both the Key 3 and MTI management teams on the transaction. Through the acquisition, MTI has created a unique platform to offer its customers both value-added iron and aluminum cast product solutions. In addition to expanding its leading position in the North American ferrous casting industry, the ability to cross-sell process technologies will create a significant opportunity to expand customer relationships.”
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 33 professionals have completed 99 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.