Company Makes Two Transformative Acquisitions in First Year of OEP Investment
NEW YORK – One Equity Partners, a middle market private equity firm, today announced that its portfolio company Momentum Manufacturing Group (“MMG” or “the Company”), a leading North American metal manufacturing services provider, has acquired two precision machining services providers Evans Industries Inc. (“Evans”) and Little Enterprises, LLC(“Little”). Terms of the private transactions were not disclosed.
Founded in 1965 and headquartered in Topsfield, Massachusetts, Evans produces mission-critical components for the semiconductor and medical end markets. Its capabilities include machining, finishing and complex assembly, with a focus on working with specialty metal alloys. Little, founded in 1994 and headquartered in Ipswich, Massachusetts, is a precision machining services provider for critical components in the semiconductor, aerospace and defense, and medical end markets. Little also focuses on specialty metal alloys, and its capabilities include design, inspection, machining, milling, turning, grinding, and welding.
“We are proud to have supported MMG in the transformative acquisitions of Evans and Little, which were completed in the first year of our investment,” said Charlie Cole, Principal at One Equity Partners. “The acquisitions expand Momentum’s capabilities, increase the Company’s exposure to mission-critical end markets, and add nearly 160 skilled team members.”
“The addition of Evans and Little give MMG precision machining and additional robotic technologies that enhance our automated manufacturing capabilities,” said James Moroney, CEO of Momentum Manufacturing Group. “We are seeing customers continue to bring work back onshore as well as outsource more work to manufacturing partners. Momentum has long been focused on investing in capacity and capabilities to ensure we can meet all of our customers’ needs. The acquisitions of Evans and Little are further examples of that.”
In April 2022, MMG also completed a small, add-on acquisition of Sonic Manufacturing Company, which added custom cabling and electro-mechanical assembly capabilities. Sonic had been a sub-contractor to MMG for nearly three years.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About Momentum Manufacturing Group
Founded in 1982, Momentum Manufacturing Group is a leading manufacturing partner to OEMs and product manufacturers across a variety of markets. With a skilled workforce of over 800 employees, 13 manufacturing facilities across the Northeast, 750,000 sq. ft. of manufacturing space, and a full suite of in-house metal manufacturing and value-added capabilities, we are an integral and trusted supply chain partner to our customers. Momentum Manufacturing Group is the largest metal manufacturing company in the Northeast. Learn more at www.mmgmfg.com.