Last updated on May 15th, 2019 at 05:04 pm
Mukwonago-based Diversified Design & Manufacturing will stay in its current building at 731 Swan Drive, and is planning a significant expansion there, after Oconomowoc-based K.R.S. Investments purchased the property in December.
In addition to keeping Diversified in the 10,000-square-foot building, the real estate deal allows for the future expansion planned by the company.
“This agreement recognizes the value of our southeastern Wisconsin-based, international business model. It leverages the engineering and manufacturing expertise prevalent in the area” said Gale Pence, founder and CEO of Global Precision Industries, Inc.
Menomonee Falls-based Global Precision acquired Diversified in February.
The exact size and date of the future expansion have not been determined, but Ron Pence, chief operating officer at Global Precision Industries, said it will likely include a doubling in size and would take place within the next few years.
K.R.S. acquired the Diversified building and two acres of land from D & C DTI Real Estate for $570,000, according to state real estate records. The property has an assessed value of $578,900, according to Waukesha County records.
“Our recent Mukwonago property purchase continues to expand our reach in vital business markets throughout southern Wisconsin. The businesses we work with span categories and speak to the diverse nature of successful businesses in the region,” said Mark Bush, founder of K. R. S. Investments.
In addition to the new agreement, Ron Pence said the acquisition of Diversified was driven by the two companies having very complimentary brands. Global Precison does work in engineering, plastic injection molds and metal die casting. Diversified specializes in the design and build of close-tolerance tooling and machinery.
Pence added that Global Precision is in an “acquisition mode” and is looking for other opportunities in Wisconsin and northern Illinois.