West Des Moines, Iowa – June 7, 2023 – Midwest Growth Partners’ portfolio company Manitowoc Tool & Machining (“MTM”), LLC completed the acquisition of G&V Machine Company, Inc. (“G&V”) on May 3, 2023. MTM was acquired in 2022 in partnership with Summit Equity Group, NewSpring Mezzanine, and company management.
Based in Ixonia, Wisconsin, G&V is a full-service, ISO 9001:2015 certified production CNC machining company. Started in 1946, G&V provides machining needs for the construction, agriculture, off-road, highway trucking, forestry, mining, and other OEM industries. G&V produces a wide variety of parts, such as gearboxes, pulleys, axles, manifolds, brackets, housings, and other technically complex parts. The company ships products worldwide throughout North and South America and Europe.
MTM was established in 1965, has 240 employees, and operates 134 machine tools in a 261,000 sq. ft. facility located in Manitowoc, Wisconsin. Rick Swoboda, President of Manitowoc Tool and Machining said, “G&V Machine Company represents a great investment opportunity for Manitowoc Tool & Machining. We see many avenues for continued growth, including sharing best practices and industry knowledge. The company has done a great job of delivering quality and innovative products. The management team has rich experience in this industry, and we look forward to working with them on a number of growth initiatives.”
Chris Griswold, Julie Gottschalk, and Sue Griswold will remain on during the transition to ensure a smooth integration. “After running a competitive process, Manitowoc Tool & Machining emerged as the most credible buyer,” said Chris Griswold, former shareholder of G&V Machine Company. “They demonstrated a strong understanding of the industry and recognized G&V’s untapped capabilities and ability to grow with its customers. I’ve been machining parts for decades and now I am excited to watch the continued success of both companies.”
“Part of our original investment thesis included acquiring machining companies that complement the core business in terms of customers, capacity, and capabilities. The acquisition of G&V demonstrates our commitment to that strategy, and we’re excited to welcome the G&V team into the MTM family,” said Mike Taylor, MGP Partner.
Midwest Growth Partners, headquartered in Iowa with an additional office in Nebraska, is a private equity firm responsible for more than $325 million of private capital across three funds. MGP invests in established companies within the food and agriculture, manufacturing, and distribution industries. Current MGP investments have revenues totaling over $1 billion annually, employing over 3,000 people.