Hartford’s CDM Tool & Mfg. Co. Inc. has been acquired by Milwaukee private investment firm Jacsten Holdings LLC. The family company was sold by Pam Priestaf, whose father founded CDM.
Jacsten has a long-term buy-and-hold investment strategy, and on average holds its portfolio companies for around 10 years.
Founded in 1962, CDM makes plastic injection molds and precision molds for the plastic industry. It has about 35 employees, all of whom will remain with the company, said Stephen Hansen, an investment professional at Jacsten. Scott Kolkema will continue to lead the company, in partnership with Jacsten. The business is located at 749 N. Wacker Drive in Hartford.
“In Jacsten we found a partner that met all of our requirements,” Priestaf said. “We were drawn to the fact that Jacsten is itself a family-run company that is committed to CDM Tool for the long-term.”
Priestaf’s requirements included: Keeping the business in Hartford and continuing to be involved in the community; valuing and securing the future of employees; and valuing loyal customers.
Jacsten saw opportunity in CDM because of a shortage of mold manufacturing companies in the industry, Hansen said.
“CDM Tool possesses unique technical expertise and capabilities in designing and manufacturing medium-to-large complex tooling for highly engineered parts,” said Mike Hansen, founder of Jacsten. “The company’s consistent track record speaks for itself, as does its list of loyal customers that have been partners with CDM Tool for, on average, 15+ years and in some cases over 35 years.”