Generation Growth Capital Fund I, LP, a Milwaukee-based private equity fund, has acquired Mica Tool & Manufacturing Inc. of Mukwonago.
Mica will be part General Growth Capital’s Model 2 Machine Group investment platform, which also includes M2M Machining Inc. in Muskego, Clinkenbeard & Associates Inc. in Rockford, Ill., and Tri Aerospace LLC in Terra Haute, Ind.
Financial terms of the transaction were not disclosed. Senior financing was provided by First National Bank-Fox Valley. Based in Mukwonago.
Mica is a precision machining operation serving OEM customers in diverse markets including medical, mining, oil and gas and machine tools.
Frank Concotelli, the previous owner of Mica, will remain with the company as president to assist with the management transition and integration with M2M Machining Inc.
John Reinke, managing director with Generation Growth, said, “Mica fits well within our Model 2 Machine Group strategy and provides us with high precision machining capabilities for smaller parts and customers with tight lead times. We look forward to building on the successful business created by Mr. Concotelli and his team. We have immediate plans to invest in new equipment and quality systems to accommodate future growth.”
Cory Nettles, managing director with Generation Growth, said, “GGC is excited to bring a company with Mica’s reputation for quality and service into our portfolio. The skills present within the Mica workforce are becoming increasingly harder to find. We are committed to growing and training the next generation of skilled machinists across our Model 2 Machine Group platform.”