LAI Companies, a provider of advanced laser and waterjet contract manufacturing services, announced it has been acquired by Spell Capital Partners, LLC, a private equity and buyout firm based in Minneapolis, Minnesota. The acquisition was completed in June.
"The acquisition offers LAI a new beginning, opportunities to continue to develop our customer relationships, and resources to expand our position in our targeted markets," said Stewart Cramer, president of LAI. "We are excited about our plans for growing LAI, improving our specialized manufacturing technologies and taking the company to the next level."
Formerly known as LAI Companies, the company is now called LAI International, Inc. LAI operates manufacturing facilities nationwide, including LAI East, Westminster, Maryland; LAI Midwest, Minneapolis, Minnesota; and LAI Southwest, Phoenix, Arizona. LAI is incorporated in Minnesota, and corporate headquarters will be based in Phoenix.
"Spell Capital buys controlling interests in well-managed, historically profitable manufacturing and distribution businesses," the company said. Spell Capital works with management of acquired companies to grow the businesses both internally and through acquisitions. The firm controls eight other manufacturing and distribution companies with estimated annual sales revenues of more than $1 billion.
Manchester Companies, Inc., a Minneapolis investment banking and management advisory firm, facilitated the transaction. Terms of the deal were not disclosed.
"The strategic investment by Spell Capital Partners positions LAI for significant growth under its current management team," Jon Doehr, a principal with Manchester, said in a statement.
LAI specializes in precision waterjet processing and laser machining to manufacture complete components for aerospace, automotive, electronics, medical, power generation and other industrial manufacturing industries. The company provides high-definition waterjet machining, and precision waterjet cutting and drilling. LAI also offers laser services, including high-speed cutting, small-hole drilling, precision welding, permanent marking and localized heat-treating.
For more information contact:
LAI International
LAI Southwest/Corp. Headquarters
4814 S. 33rd St.
Phoenix, AZ 85040
602-304-1160
Fax: 602-304-1612
E-mail: info@laico.com