Birmingham, Michigan-based Wingspan Capital Partners says it has acquired bearing maker Aetna Bearing Company of Franklin Park, Illinois.
Aetna manufactures and distributes specialty bearings and mechanical components with integral bearings for a wide range of industrial applications. The company serves the agriculture, heavy equipment, general industrial, and automotive aftermarket sectors and some of its major clients include John Deere, Case New Holland, Timken and Federal Mogul.
Terms of the deal were not disclosed.
Daniel Fuhrman, who is president and CEO of Wingspan portfolio company Bitzer Products Company, will act as Aetna's CEO, according to a news release. Bitzer Products manufactures high precision mechanical components such as shafts and gears, and hydraulic components such as spool valves, primarily from bar stock.
Ray Gunn, managing partner at Wingspan Capital Partners, emphasized the potential synergies of Aetna and Bitzer were not a factor in the acquisition.
"We modeled them purely on a standalone basis, so any opportunity to generate economies or critical mass will be pure upside to our specialty manufacturing platform," Gunn said.
Wingspan Capital Partners is a private equity firm focused on investing in small businesses with niche or platform operations that may be in transition and require new ownership, resources and or direction. For more information about the firm visit http://www.wingspancapital.com/
For more information about Aetna Bearing visit http://www.aetnabearing.com/aetna_home.htm
Source: http://www.mfrtech.com
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