Calvert Street Announces Initial Thermal Processing Acquisition
June 2, 2017 – Calvert Street Capital Partners (“Calvert Street”) is pleased to announce that we have completed the acquisition of Diamond Heat Treat (“Diamond”) based in Rockford, Illinois. Diamond represents the initial investment in our strategy to build a leading independent thermal processing company focused on value-added services. Central to this strategy is identifying and bringing together businesses that share a focus on safety, quality, service, and advanced technology.
Matt McLain, Principal at Calvert Street, commented: “Diamond represents our initial investment and we are delighted to partner with the Diamond team. The company, founded in 1996, has a long and well-deserved reputation for quality and service. We want to thank Bill Akre, Dan Neiber and Bill Denning and acknowledge their accomplishments. They have built an excellent company, and our priority will be to continue the success of the business and provide opportunities for their people. We are honored to continue – and hopefully build upon – their legacy.”
John Hubbard, Chairman of the thermal processing strategy, remarked, “I am excited that Diamond is our first step in building a leading company that offers a range of advanced technologies. I believe that there is a tremendous opportunity to offer specialized services to address the evolving technological challenges in the marketplace. We look forward to announcing future acquisitions.”
As announced previously, Calvert Street has partnered with industry executives to build a leading independent thermal processing business. The team, which includes John Hubbard, Mike Sobieski, Don Longenette and Lewis Lance, consists of highly experienced individuals who have spent their careers in thermal processing. This team has complementary skill sets and will be responsible for the day-to-day activities of the thermal processing platform.
Calvert Street is a Baltimore, Maryland-based private equity firm with a focus on investing in industrial service businesses in the lower middle-market. Since its inception in 1995, Calvert Street has partnered with skilled management teams of privately held businesses to drive profitable growth and organizational transformation. The thermal processing partnership builds upon Calvert Street’s experience in other high-value add industrial sectors, including testing and inspection and precision machining.
For more information, please go to www.cscp.com.