New York-based private equity firm Torque Capital Group announced Dec. 27 its acquisition of Metal Forming & Coining Corporation (MFC Netform). Financial details of the transaction were not disclosed.
Founded in 1953 and based in Shelby Township, Michigan, MFC Netform is a manufacturer of engineered flow-formed and cold-formed components and assemblies. Its products primarily serve transmission and propulsion applications in the automotive and truck markets. It has two facilities: A 100,000-square-foot center for press-based cold-formed parts manufacturing in Maumee, Ohio (just outside of Toledo); and a 56,000-square-foot MFC Netform facility in Shelby Township for flowforming and machining operations.
“We have built an incredible platform, product and intellectual property portfolio, team and customer base over the years, and we are excited to have found a growth-oriented partner with the industry experience necessary to facilitate further growth of MFC / Netform and to better serve our customers,” company owner Paul Kessler said.
Tim Cripsey, who has spent nearly two decades in senior leadership with MFC Netform, has taken over as president post-closing, according to a news release.
“MFC / Netform is well-positioned to help our customers navigate the continued transmission evolution, particularly electrification, given our unique capabilities,” Cripsey said. “Our partnership with Torque will allow us to make new investments into technology, people and capabilities to continue enhancing and expanding our offerings.”
“For nearly 70 years, MFC / Netform has had a reputation as a leading, differentiated supplier to the transportation markets,” Torque Capital partner Terry Culmone said. “In an industry focused on price, MFC / Netform has thrived given its ability to consolidate manufacturing processes, eliminate waste and reduce costs for its blue-chip customer base. We are excited to partner with this talented team and support the company in its next phase of growth.”