Louisville, Kentucky-based Whelan Machine & Tool announced March 14 that it has been sold to holding company Ajax Defense. Financial terms of the transaction were not disclosed.
Founded in 1989, Whelan Machine & Tool is a distributor of precision machine products and services, according to its website. The company offers manual and precision milling services for the defense, transportation, sanitation, energy, automotive and law enforcement industries. In 2011, Whelan was acquired by its current owner, private equity firm Gremada Industries.
Wayne, Pennsylvania-based Ajax Defense is a veteran-owned holding company that invests in U.S. defense and aerospace small businesses, according to its website.
Alderman & Company, M&A bankers focused on the middle market of the aerospace and defense industries, facilitated the sale, according to a news release.
“We selected Alderman & Company to facilitate the sale of Whelan Machine & Tool because of their M&A expertise in the aerospace and defense sector,” Gremada Industries CEO Steve Walker said in the release. “Their guidance and continued support through the sale process resulted in a successful, smooth transaction for our shareholders.”
“Whelan is an important member of our national defense industrial base and has a very talented management team and dedicated employees,” Alderman & Company Managing Director Bruce Andrews said in the release. “It was an honor to have served in this regard.”