FOR INFORMATION CONTACT:
Jennifer Rivera – (414) 276-6237
Cell – (414) 333-0899
Riverwest manufacturer to add 25-30 jobs, nearly double sales
MILWAUKEE, Wis. – Production Stamping Corporation today announced that it has purchased a majority of the assets and equipment of Excellence Manufacturing, Inc., a Grand Rapids, Michigan-based company that assembles component parts for vehicle seating systems.
Under the acquisition, Production Stamping will move the Excellence Manufacturing, Inc. equipment to Milwaukee, nearly double its annual sales to approximately $20 million and add an estimated 25-30 jobs, most of them in manufacturing and assembly. Transaction details were not disclosed.
Angela Colbert, president of Production Stamping, said the acquisition broadens the product and service portfolio of the Milwaukee-based company and allows it to expand its presence in the automotive original equipment manufacturers (OEM) sector. She noted that acquiring the assets, equipment, customer base and intellectual property of Excellence Manufacturing, Inc. will strengthen Production Stamping’s position as a Tier 2 supplier to Tier 1 companies for the automotive industry. She added that it also expanded the company’s ability to provide OEMs with value-added manufacturing and assembly services for highly engineered component parts. As part of the expansion, Production Stamping Corporation is establishing an engineering office in Michigan to provide close customer support to the automotive industry and other target markets.
“In addition to providing engineering services, the new office will also have prototype manufacturing capabilities,” said Bruce Rosenthal, chief operating officer of Production Stamping. “This new location is part of our strategy to provide a high level of customer service.”
Mrs. Colbert and her husband, Virgis, Executive Vice President of Worldwide Operations for Miller Brewing Company, are the majority owners of Production Stamping. The other shares of the company are owned by Facilitator Capital Fund, a Milwaukee-based private equity fund that focuses on helping to grow and expand Wisconsin companies. Facilitator purchased the 55-year-old metal stamping company in 1999 and sold a majority interest to the Colberts late last year.
“Tier 1 suppliers are looking for strong partners with a quality focus and the capacity and management to get the job done right,” Mrs. Colbert said. “In a few short months, we have brought together an experienced board of directors who have assisted in developing a business strategy and plan. Under their guidance, we have enhanced an already solid management team with additional professionals skilled in lean manufacturing and automation. The addition of key individuals from Excellence Manufacturing, Inc. will strengthen the engineering and technical skills of Production Stamping Corporation. Production Stamping Corporation is focused on excellence, quality, cost and on-time delivery. Our modern Riverwest facility with over 116,000 square feet easily handles an acquisition such as this.”
“Bringing manufacturing jobs to the city of Milwaukee and Wisconsin is an important part of Facilitator’s business philosophy, and we are pleased with the way our partnership in Production Stamping has developed,” said Gus Taylor, Senior Managing Director for Facilitator Capital Fund. “Angela has pulled together a strong team that can maximize the opportunities to build a significant value-added assembly business around the company’s existing stamping capabilities, and the timing was right for this acquisition.”
“With the assistance of our partner, Facilitator Capital Fund, and a strong and experienced team, Production Stamping Corporation is bucking industry trends by expanding our operations and range of products. We know there are other growth opportunities out there, and we will consider them as they arise,” said Mrs. Colbert. “We will always remember that growth must be planned and controlled, but our number one focus will be providing excellent quality and excellent service to our customers.”
Under the agreement, all of the Excellence Manufacturing, Inc. equipment used to make component parts for vehicle seats will be moved to Milwaukee. Mrs. Colbert said the sale included equipment used in assembly operations, quality control and testing procedures. She indicated some of the equipment already had been transferred to the Production Stamping facility at 301 East Vienna Avenue.
“This is a good fit for Production Stamping because it expands our portfolio of products and strengthens our relationship in a core business sector – the automotive industry,” said Virgis Colbert, who serves as Chairman of the Production Stamping Board of Directors. “When we purchased majority ownership in 2004, we said our goal was to grow the business and provide jobs for our community, and that’s what we’re doing. The team is doing a great job, and we are confident there will be other expansion possibilities in the future.
Production Stamping is a QS-9000 certified manufacturing company specializing in a broad range of material sizes with deep draw capabilities. The company currently employs approximately 45 people, and Mrs. Colbert said the Excellence Manufacturing, Inc. announcement will allow the company to nearly double in sales and increase its employment to about 75 people. Additional information about Production Stamping can be found at www.productionstamping.com.
Facilitator Capital Fund was founded in 1998 and is a Wisconsin-based private equity fund with more than $130 million to invest in established companies. The company has invested the majority of its fund dollars in Wisconsin companies, including Aklar, Rapid-Pak & SaniMatic in Lodi; CERAC, Incorporated in Milwaukee; Kolpin Outdoors and Kolpin Powersports in Fox Lake; Oshkosh Floor Designs in Winneconne; rondele Specialty Foods in Merrill; Thiel Cheese in Hilbert; Waukesha Kramer in Waukesha and Production Stamping Corporation. Additional information about Facilitator Capital Fund can be found at www.facilitatorfunds.com.
