We met Jim Moroney in 2017 when MMG was still known as NSA Industries, after its founder Neal S. Austin. As a premier New England metal fabrication and assembly services provider, NSA fit our industrial sector platform. We acquired NSA in October 2017 and exited MMG in September 2021.
In what capacity did you join NSA Industries?
I joined the firm in 2010, brought in as CEO to a distressed situation, on the heels of the global recession and management-related issues. NSA had previously been sold to a small group of private equity investors in 2007. When NSA’s entire management team was replaced in 2010, I was hired as CEO.
What was your role regarding the (prior) private equity firm?
I felt responsible to see the private equity firm through to an exit within the next several years after I joined. But I had a lot of work to do. I needed to get the company on a stable platform and make it a viable opportunity to sell.
What led you to Akoya?
Actually, it was the Akoya team who reached out to me in December 2016. The timing was perfect because the current investors were seeking an exit following strong performance improvement.
Akoya’s Managing Director, Liz Dominick, spoke with me at length, then introduced me to Mark Breckheimer, the Sector Leader for Integrated Manufacturing Solutions.
What was your impression of Akoya’s sector knowledge?
I quickly ascertained that Mark was quite knowledgeable about the industry – exceptionally so. My ability to relate to Mark and his ability to relate to me was critical to our success.
What other qualities factored into your decision to choose Akoya?
I felt Akoya had the best interests of the company, shareholders and employees in mind. As I got to know them over the course of due diligence, I came to like their style, integrity and straightforward dealing.
Describe the process of creating the value creation plan.
We (NSA) had already mapped out a good strategy for next steps. Akoya marketed our story to co-investors. Importantly, we saw eye to eye. If you’re not going in the same direction, it’s going to be a difficult process.
What happened after you closed the deal with Akoya?
Once we started working together, Mark’s industry expertise was important in getting our Board to understand next steps. Akoya provided the proper governance that is needed at a board level without putting their finger on the scale.
Akoya’s experience recruiting for C-Suite positions brought in a world-class CFO and COO.
Mark and Max (Akoya’s founder) supported me in an important acquisition that changed the complexion of our company and became a crushing success. They took the time to assess the acquisition and have back-and-forth dialogue.
Last takeaways.
When Akoya exited MMG in 2021, they did not sell 100%. The new private equity firm was glad to benefit from Akoya’s knowledge of the company and business.
