Foundation Investment Partners Announces the Sale of Investment in Miljoco Corporation to DwyerOmega

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Jan 05, 2024, 07:30 ET

CHAGRIN FALLS, Ohio, Jan. 5, 2024 /PRNewswire/ -- Foundation Investment Partners (FIP), a private equity firm based in Chagrin Falls, Ohio, is pleased to announce the sale of its investment in Miljoco Corporation (Miljoco), a leading designer, manufacturer, and distributor of a broad range of temperature and pressure management instruments for mission- control applications, to DwyerOmega, a portfolio company of Arcline Investment Management. The terms of the transaction were not disclosed.

Founded in 1979 and based in Mount Clemens, Michigan, Miljoco is a leading designer, manufacturer, and distributor of a broad range of temperature and pressure measurement instruments utilized in critical life and safety, food safety, commercial indoor environmental quality (IEQ), and industrial applications. Miljoco's proprietary automated production and near-zero tolerance for failure have resulted in a well-earned reputation for quality, highly customizable products. Miljoco comprises two widely respected brands, Miljoco and Weiss, which date back to the founding of Weiss Instruments more than 140 years ago.

Brown Gibbons Lang & Company (BGL) served as the exclusive financial advisor to Miljoco in the transaction.

FIP partnered with Howard Trerice, the founder of the business, to meet his transition and liquidity goals while providing a path forward for the business.

"A cornerstone of our investment strategy is partnering with retiring entrepreneurs to transition leadership, professionalize operations, and accelerate growth. We were able to successfully accomplish these strategies and generate an attractive return for our investors while providing our employees with a quality new partner," said David Wood, Managing Member of FIP.

Working with Trerice during diligence, FIP identified opportunities to enhance the operations of Miljoco by recruiting a new CEO and CFO, expanding the engineering and sales teams, and addressing key manufacturing constraints to double manufacturing throughput. By completing the add-on acquisition of Weiss Instruments in June of 2022, Miljoco expanded its customer base and end markets and improved operating leverage by consolidating manufacturing into a single location.

"We executed the FIP playbook of bolstering operations, pursuing sustainable growth, and providing tactical support, strategic guidance, and the financial resources necessary to be successful. By driving value creation, we were able to find the right partner for the next phase of the Company's growth while allowing us to share the appreciation of our investment with every employee of Miljoco," said Wood.

About Foundation Investment Partners
Foundation Investment Partners is a private equity firm focused on building companies that account for the well-being of our people, recognizing that the cared for and empowered are more likely to outperform. FIP focuses on investing in niche manufacturers, high value-added distributors, outsourced business service providers, and niche software developers with EBITDA levels of $1 million to $10 million. FIP's operating model focuses on embedding our team with the owners or operators of smaller businesses to provide the support, guidance, and resources necessary to grow the business.

For more information, please visit www.foundationpartners.net or contact David Wood.

SOURCE Foundation Investment Partners