Hartford-based American Exchanger Services Inc. acquired many of the assets of machining and maintenance firm Busch Precision Inc. in March and has started to manufacture its parts again under the Busch Precision name.
“Looking at diversifying some of our product offerings that are not quite as cyclic as the power industry, we acquired all the rights and IP and patterns and the business from Busch Precision,” said Tom Muldoon, president of American Exchanger Services.
American Exchanger also acquired Busch’s Machinery Service Corp. entity. The assets it acquired were moved into the company’s 32,000-square-foot facility in Hartford. American Exchanger has hired a couple of new employees to keep up with the additional work, and now has 33 employees.
Busch Precision was acquired by private equity firm BlueWater Equity Partners in January, which ceased operations and facilitated the auction of the company’s assets in March through HyperAMS LLC. With a significant portion of the auctioned assets, American Exchanger is now operating Busch again as a division of its company. It has been able to make Busch catalog products for customers like GE and Siemens, Muldoon said.
“Re-establishing it, people were anxious actually to buy the products,” he said. “It’s considered the top end on this type of product available. We’re beginning to work on establishing some of the distributor relationships Busch had.”
Recently, Hentzen Coatings Inc. purchased the former Busch Precision building in Milwaukee with plans to expand.
