EBIT ASSOCIATES ADVISED PLANEVIEW-WMI, LLC. IN ITS ACQUSITION OF WESSO METALS
CHICAGO – November 25, 2013 – EBIT Associates, a leading Illinois-registered, lower middlemarket investment bank and several accredited association member firms, announced today that
it advised TORIN Acquisition Company, L.L.C. and Planeview-WMI, L.L.C. (“WMI”) in its acquisition ofWesso Metals. (“WESSO”), for an undisclosed amount in cash and note.
Headquartered in Columbus, Nebraska WMI (www.torin.com) is a contract manufacturer of high precision screw machine components and turned parts made from stainless steels, exotic metals, titanium, brass and aluminum. The company is committed to manufacturing intricate metal parts to completion in one operation at only the highest quality. TORIN Products, Inc. maintains its competitiveness by utilizing Tornos DECO, Citizen & Star CNC Swiss style turning machines. Shorter cycle times are accomplished by utilizing multiple cutting tools in the work piece simultaneously, accompanied by back working attachments to effectively machine both ends of the part at the same time.
Wesso Metals WESSO (www.wessometals.com) is a Conroe Texas based company, founded in November of 1994 by David Hurd. Wesso is a leading provider of tungsten carbide centrifuge tiles and related wear parts to the domestic and international decanter centrifuge OEM and repair markets. Decanter centrifuges are used to separate solids from liquids and the tiles are consumable parts designed to protect the centrifuge from excessive wear resulting from highly abrasive industrial applications. Industries served by Wesso include: Energy (exploration & production); Food Rendering Plants; Wastewater Treatment Plants; and the Coal Industry.
“We are pleased that TORIN and Alex Bernstein, who has visionary leadership and caliber with seasoned management, will take our company to the next level,” said David Hurd, President and Chief Executive Officer of Wesso Metals. “TORIN did everything they said they would do to ensure that the process moved quickly and to help me achieve my goals as a seller.”
“With a stellar reputation, a highly skilled team, specialized technology, and significant continued growth potential, Wesso Metals is a market leader provider of tungsten carbide centrifuge tiles and related wear parts to the domestic and international decanter centrifuge OEM and repair markets,” said Alex Bernstein, Managing Partner of TORIN. “We look forward to supporting management in building a larger company while continuing to serve our customers in the broader abrasion and corrosion resistant products market”
Alex Bernstein added, “We were very impressed by the work that EBIT Associates performed on our behalf. They ran an excellent transaction process while maintaining the highest standards throughout. From a process and valuation perspective, the firm’s expertise, guidance and support served our goals especially well.”
Scott Miller, Partner of EBIT Associates, added, “It was a pleasure working with Alex Bernstein, and the TORIN team with their excellent niche products and services of tungsten carbide centrifuge tiles and related wear parts to the domestic and international decanter centrifuge OEM and repair.”