Main Street Capital Holdings Acquires Quality Products, Advanced Machining & Tri-Tec Industries
CHARLOTTE, NC – October 16, 2019 – Quality Products & Machine, LLC, a leading manufacturer of CNC machined and fabricated metal components for Fortune 500 companies and other regional customers, announced Wednesday that it has been acquired by Main Street Capital Holdings, a Pittsburgh-based private equity firm.
“I am extremely excited about partnering with Main Street,” said Kevin Farmer, Quality Products’ President, an executive who has been with the firm for 30 years. “Main Street has an excellent track record of providing its portfolio companies with all the necessary resources to be successful, then letting its managers do their jobs. We will remain very focused on serving our customers, providing an excellent working environment for our employees and continuing as a respected member of our business community.”
Quality Products operates from a 45,000-square-foot facility in Charlotte, NC at 4600 Westinghouse Boulevard. It manufactures complex prototype and low-to-mid volume metal parts, with a focus on the power generation and defense markets.
Quality Products was founded in 1962. ZP Enterprises, LLC, an Atlanta-based firm, acquired majority interest in the company in 2010, then purchased the remaining ownership in 2018. This year, ZP Enterprises decided to seek new ownership for three of its portfolio companies, including Advanced Machining & Tooling, LLC of Salisbury, NC and Tri-Tec Industries Inc. of Charlotte, NC as well as Quality Products. It quickly reached an agreement with Main Street, who acquired all three firms Wednesday.
“We are delighted to become associated with Quality Products and its sister CNC machining companies Advanced Machining and Tri-Tec Industries,” stated Dennis Prado, Managing Partner at Main Street. “Kevin has done an excellent job leading Quality. We look forward to supporting his initiatives to grow the company, sustain outstanding customer service and serve as a model employer in the Charlotte community.”
Prado added, “Main Street is also pleased to announce that Gary Holcomb, an executive with whom Main Street has a long history, will become CEO of the newly formed company that will own Quality Products, Advanced Machining and Tri-Tec. Gary was previously CEO of Coining of America, LLC, a Saddle Brook, NJ-based manufacturer of precision metal parts and materials used to enclose and package semiconductors. In addition, David Crow, Vice President at ZP Enterprises, has been named Vice President and CFO of the new firm which, as of today, has not been given a name.”
“I am looking forward to working with Dave and Gary,” reiterated Farmer. “My counterparts Rick Loyd at Tri-Tec and Keith Felts at Advanced and I know Dave well. We have worked with him successfully for years. We only recently met Gary, but he will fit in well with us. Gary has had jobs like mine before, is an experienced businessman with years of CNC machining and fabricating experience and deals well with customers.”
In addition to Coining, Main Street has owned other specialty metals manufacturing companies since its founding in 1994 as well as investments in electronic manufacturing services, specialty foods and niche distribution firms. Main Street seeks to acquire companies that are leaders in their respective industries and then provides the resources necessary to grow these firms for the benefit of investors, employees, customers and the community of which they are a part.