DRT Holdings Announces Acquisition of Custom Machining Corporation
DAYTON, Ohio and DENVER, Sept. 11, 2023 /PRNewswire/ -- DRT Holdings, LLC ("DRT"), which provides specialized manufacturing solutions to the metal packaging, aerospace, and precision industrial segments, announced today that it has acquired Custom Machining Corporation ("CMC" or the "Company"). CMC is a leading provider of high-speed, high-precision liner systems and parts for metal packaging applications serving the end markets for food, beverage and household products. Terms of the transaction were not disclosed. DRT is a portfolio company of Mill Rock Capital, a growth- and operations-oriented private investment firm that invests in well-positioned middle-market businesses in North America.
CMC, based in Denver, CO and founded in 2002 by Terri and Allan Ross, is the foremost supplier of rotary end liner systems to the metal packaging industry worldwide. CMC's product offerings span a wide range of high-performance end liner systems that precisely apply food-safe liquid compounds to metal end interiors at rates approaching 6,000 ends per minute. Mr. and Mrs. Ross will be stepping back from the Company after ensuring a successful transition to DRT's leadership team.
As part of the transaction, CMC will join DRT's Metal Packaging Systems ("DRT MPS") segment, expanding MPS' suite of systems and aftermarket parts serving the global food and beverage can industry. DRT MPS invented the easy-open pull-top, principally used in food and beverage cans, and is a leading provider of equipment, aftermarket parts, and services for the global metal packaging market. CMC and DRT MPS will leverage each other's technical know-how to drive innovation and support their customer base through manufacturing, assembly and distribution facilities in North America and Europe.
Larry Churchwell, President of DRT MPS, said, "CMC is a highly complementary business to DRT MPS, and we are extremely excited to enhance the suite of solutions we provide to our respective customer bases. CMC is well respected for its quality, technical capability, and customer service, which we will continue to strengthen under the DRT banner. I look forward to working with CMC's associates to drive high quality, innovative outcomes and best-in-class service for our customers."
Mr. and Mrs. Ross added, "DRT is the right home for CMC's associates and its valued customer relationships. We are aligned with DRT in preserving and continuing our unwavering commitment to quality and service. We look forward to the continued growth of the combined business."
"We are pleased to welcome CMC's associates and customers to DRT," said Rob Cohen, Chief Executive Officer of DRT. "Our continued investment into the metal packaging market expands our scale and we are excited to support the growth and capabilities of our packaging, food and beverage platform."
Alvarez & Marsal Transaction Advisory Group and White & Case LLP advised DRT on the transaction.
ABOUT CUSTOM MACHINING CORPORATION
Custom Machining Corporation specializes in manufacturing high-speed automation machinery serving the metal packaging market with high-precision solutions. Based in Denver, CO CMC has been a trusted partner to the metal packaging industry since 2002. The Company is widely respected for its high-quality service, innovation and creativity, as well as its longstanding technology leadership. CMC operates facilities in Denver, CO and Barcelona, Spain. For more information, please visit https://custommachining.com/ .
ABOUT DRT HOLDINGS, LLC
Founded in 1949 as the Dayton Reliable Tool & Mfg. Co., DRT Holdings, LLC. is a manufacturer and supplier of precision tools and specialized components to a wide variety of end markets organized in three business segments: Metal Packaging, Aerospace, and Precision. The Metal Packaging segment is the original developer of easy-open ("pull-top") ends principally used in food and beverage cans and continues to be one of the world's leading providers of equipment, aftermarket parts, and services utilized in can and end production. Aerospace is a manufacturer of precision-machined parts for commercial and military aircraft, commercial space and land-based industrial gas turbine engines. Precision makes components for various industries, including medical imaging equipment, plastic injection molding and building products. DRT provides value-added services to supplement its core precision machining capabilities, including extensive engineering resources and design-for-manufacturability capabilities, go-to-market support and systems integration. The company currently operates ten locations in the United States and Europe. For more information, please visit https://drtholdingsllc.com/ .
ABOUT MILL ROCK CAPITAL
Great Mill Rock LLC dba Mill Rock Capital is a growth and operations oriented private investment firm that invests in well-positioned middle market industrial businesses in North America. Founded by Christopher Whalen and Adi Pekmezovic, Mill Rock Capital is purpose-built to invest in family-owned businesses, owner-operators and founder-led companies across six industry verticals. Focus sectors include chemicals, materials and packaging; industrial distribution; services; metals and engineered materials; transportation and logistics; and specialty manufacturing and industrial technology. This strategy leverages the deep expertise of the firm's principals, a majority of whom have direct operating experience in these same industries. Mill Rock Capital supports business transformation through a dual-sourcing strategy encompassing majority equity and Activ Capital® – debt, senior equity or hybrid investments which provide business owners value-added financial partnership without relinquishing a controlling stake. For more information, please visit https://millrockcap.com/.
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SOURCE DRT Holdings
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