January 19, 2021. Beacon Manufacturing Group (“Beacon”), a growth-oriented company providing custom engineered molded products, assembled components, innovative solutions, and value-added engineering services along with Akoya Capital, LLC (“Akoya”) and Trinity Private Equity Group (“Trinity”) has acquired Built-Rite Tool & Die (“Built-Rite”) from its Founder & CEO, Craig Bovaird. Founded in 1988 and headquartered in Lancaster, MA, Built-Rite, and its affiliated companies Reliance Engineering and LSR Engineering, is a growth-oriented company providing high quality, engineered molded products, tooling, assembled components, and value-added services to OEM’s in the medical, life sciences, biopharma, aerospace, defense, and industrial markets. Built-Rite is Beacon’s second acquisition and was supported in-part by a subordinated debt and equity investment from NewSpring Capital (“NewSpring”).
Bob May, Managing Director at Akoya and CEO of Beacon, commented, “We are thrilled to partner with the Built-Rite team as our second investment as we continue to expand and grow the Beacon custom molded products and services platform. The Company has extensive tooling and plastics machining capabilities and is ideally located in the Northeast corridor to serve the medical market with six Class 7 clean rooms for assembling complex components. Built-Rite is also a great fit with Beacon’s first acquisition, Donnelly Custom Manufacturing, which we acquired in July of 2020. Beacon intends to acquire several other related entities to build out a US footprint of high precision component and contract manufacturers, with emphasis on the medical sector and expansion to the West Coast and Southeast. With Donnelly and Built-Rite, Beacon has a strong team with great people and two outstanding companies that are well positioned for future growth.”
Carr Preston, Managing Director at Akoya, commented, “Built-Rite is an exciting addition to the Beacon family, and we are delighted to partner with NewSpring and existing co-investor Trinity to continue building out the platform. We are actively pursuing additional add-on acquisitions and look forward to continued growth and success for Beacon in 2021.”
Built-Rite is Akoya’s 36th investment. Fifth Third Bank provided senior debt financing for the transaction. Built-Rite was represented by MBS Advisors, a Massachusetts based investment bank focused exclusively on the plastics industry.
About Akoya Capital, LLC
Akoya is a sector-focused independent sponsor that creates and nurtures partnerships between management and capital. With industry leading sector expertise, proprietary platform organizations, experienced management teams, and co-investors, we collaborate on compelling value creation opportunities. Together, we develop and execute industry sector acquisition strategies that deliver significant, measurable value for management, partners, and shareholders. Led by the industry knowledge of our sector leaders, we are highly selective in the sector-based investments we pursue. This exclusivity allows us to work with the finest companies from each industry.
Akoya is proactively seeking platforms with EBITDA greater than $3m in the following sectors:
- Home Services: Residential HVAC, plumbing, roofing, windows & doors, solar energy, and other essential services
- Industrial: Distribution, Packaging
- Specialty Chemicals: Adhesives, Sealants, Coatings
We are also seeking add-on acquisitions for Beacon and Primetac, a valued-added distributor of tapes and stretch films to the industrial packaging market.
Contact Us:
If you know of a company that fits this profile, we welcome the opportunity to discuss it with you. Please contact Pat Riley at 312-546-8303 or priley@akoyacapital.com.
