Netform, a portfolio company of Torque Capital, has acquired Vickers Engineering. Torque Capital acquired Netform (then Metal Forming & Coining Corporation) in December 2022.
Vickers is a manufacturer of precision machined steel and aluminum components and assemblies used by OEMs and Tier 1 suppliers that operate in the automotive, defense, oil and gas, and rail industries.
The company’s capabilities include high-volume production, prototyping, and light assembly and has an installed machinery base of over 50 Fanuc robots and more than 130 CNC machines. Customers of Vickers include Federal Signal, Ford, Honda, Lexus, Nissan, Subaru, Toyota and Volkswagen. Vickers, led by CEO Matt Tyler, was founded in 1970 and is headquartered in the southwest Michigan city of New Troy.
“We are thrilled to partner with a like-minded group that can assist Vickers as we continue to expand and enhance our relationships with current and future customers,” said Mr. Tyler. “Vickers has built incredible product capabilities and highly automated manufacturing processes that we look forward to leveraging across a larger more diversified customer base. The Netform partnership will amplify our capabilities, enabling us to leverage Netform’s industry leading engineering and manufacturing expertise to continue pushing the boundaries of innovation and service.”
Netform is a manufacturer of flow-formed and cold-formed components and assemblies used in transmission and propulsion applications in the electric, internal combustion, and hybrid automotive and truck markets.
Specific Netform products include rotor shafts, stator housings (used in electric motors and generators), clutch drums (used in automatic transmissions), pinion carriers (a component of automotive differentials/drivetrains), and spline hubs (mechanical component used to connect two shafts together). Customers of Netform include Ford, GM, Stellantis, Linamar, Dana, American Axle, ZF, and Cummins. Netform, founded in 1953, has 150 employees and operates out of three facilities in Maumee, Ohio (2) and Shelby Township, Michigan.
“Vickers is a leader in the automotive industry with a stellar reputation and advanced automation technologies,” said Tim Cripsey, the president of Netform. “Our partnership brings Netform and Vickers customers further capabilities with enhanced quality and service as we look to stay at the forefront of innovation and co-develop highly engineered and differentiated industry-leading product and process technologies.”
“Vickers represents an attractive and strategic partner given its unique steel and aluminum capabilities, industry leading investment in automation and proven growth within the hybrid and EV markets. We believe customers will benefit from continued innovation and efficiency as we support the combined business with significant incremental human and financial resources,” said Terry Culmone, a partner at Torque Capital.
Westport, Connecticut-based Torque Capital invests up to up to $100 million in North America-based companies that have less than $35 million of EBITDA. Sectors of interest include manufacturing, supply chain services, and niche/enthusiast branded products.
Brown Gibbons Lang, through its automotive and aftermarket, and metals and advanced metals manufacturing teams, was the financial advisor to Vickers Engineering on this transaction.
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