Chicago private equity firm acquires Milwaukee foundry
TMB Industries, a Chicago-based private equity firm, has acquired Stainless Foundry & Engineering Inc., a Milwaukee-based provider of steel, low-alloy, stainless steel and other high-alloy composition castings.
TMB said the acquisition leverages its expertise of investing in and managing foundry operations.
Founded in 1946, Stainless Foundry’s plant is located at 5110 N. 35th St. A TMB spokeswoman told SBT that Stainless Foundry’s leadership team and its employees will be retained.
Stainless Foundry is recognized as a leader among North American foundries in its niche market of low- to medium-volume production of highly engineered, complex castings. Stainless Foundry offers its customers finished castings from more than 250 alloys.
Thomas Begel, chairman of TMB, said, “The acquisition of Stainless Foundry & Engineering is TMB’s second recent acquisition of a foundry business focused in a premium niche. TMB looks forward to providing Stainless with the resources necessary to enhance the business and support its continued growth.”
TMB has acquired 41 businesses since 1989 and generally acquires industrial businesses with sales between $30 million and $500 million.