CLEVELAND, OH–(Marketwired – February 01, 2016) – Blue Point Capital Partners, in conjunction with its portfolio company, Alco Manufacturing Corporation, LLC, announced today the acquisition of Lakeshore Fittings, Inc., a full-scale designer and manufacturer of standard and custom precision machined brass, eco-brass, stainless steel and aluminum fittings for the lawn and garden, gas distribution, plumbing and hydraulic industries.
Alco (www.alcomfgcorp.com) is the largest independent producer of unleaded carbon steel couplings and fittings for hydraulic systems. The company maintains a significant market share with each of the largest North American hydraulic equipment companies and serves a variety of end markets, including agriculture, construction and energy. The acquisition of Lakeshore will diversify Alco’s end markets, while expanding the company’s product offering and material capabilities.
“For over 35 years, Lakeshore has been a leading provider of brass, eco-brass, stainless steel and aluminum fittings to its customer base,” said Sean Ward, a partner with Blue Point. “The addition of Lakeshore adds new material capability to Alco’s lineup of carbon steel machining solutions, creating immediate opportunities to work closely with customers to design custom fittings in various sizes and materials. Alco and Lakeshore are an excellent strategic fit.”
Bill Kowal, chairman of Alco, added, “Lakeshore’s strong reputation is a result of the company’s multiple machining processes, proven manufacturing capabilities, and well-developed engineering and operations network. The addition of Lakeshore will further enhance Alco’s solid manufacturing and engineering capabilities, and the combination of our two companies will allow us to better serve our customers.”
Lakeshore is based in Grand Haven, MI, and operates from a 90,000 square foot facility. Alco serves its customers from its headquarters in Elyria, OH, and an additional facility in Machesney Park, IL. The combined company will provide a one-stop shop for unleaded carbon steel, brass, eco-brass, stainless steel and aluminum machining solutions.
Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $800 million in committed capital. Leveraging offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. The Blue Point group has a 25-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers provides a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
