CHICAGO (November 30, 2016) – Onward Capital, a private equity firm based in Chicago, announced today that it has partnered with St. Louis-based private equity firm Thompson Street Capital Partners (TSCP) to acquire Domaille Engineering, LLC headquartered in Rochester, Minnesota (www.domailleengineering.com). Terms of the transaction were not disclosed.
Domaille Engineering is a technology company committed to product leadership, customer intimacy and operational agility. The Company’s Optical Products division designs and manufactures industry-leading polishing machines and fixtures, inspection equipment and associated engineered products for the rapidly-growing fiber-optic cable market, while Domaille’s Precision Services division engineers and manufactures complex, mission-critical products for the defense, aerospace, national security, telecommunications, energy and medical sectors.
Laura Lester, Partner of Onward Capital said “Domaille has a great reputation for innovation, creativity, manufacturing excellence and customer service.” Marcus George, Onward Capital Partner added, “We look forward to working with the management team to build upon the Company’s already impressive record of success.”
Tim Kanne, President of Domaille, commented “We are delighted to be partnering with Onward Capital and Thompson Street Capital Partners. They will provide us with strategic and financial resources and industry contacts to achieve our shared vision for growth while maintaining our industry leading quality and service.”
Jim Cooper, TSCP Managing Partner, said “TSCP has had excellent experiences working with the professionals at Onward Capital on a number of successful transactions over many years and Domaille will be no exception. Together with the Company’s strong management team, we will pursue an aggressive organic and acquisition-based growth plan.”
Byline Sponsor Finance Group, the cash flow lending division of Byline Bank, provided senior debt financing in support of the recapitalization. ORIX Mezzanine & Private Equity and NewSpring Mezzanine Capital provided mezzanine debt financing and co-invested equity. Katten Muchin Rosenman LLP served as legal counsel to Onward Capital and its investor group, while Quetico Partners LLC served as advisor to the selling shareholder group.
About Domaille Engineering
Domaille Engineering, LLC (www.domailleengineering.com) is a worldwide provider of innovative engineering solutions and precision manufacturing services to high-tech industries and a leading OEM of optical fiber polishing equipment. Domaille Engineering is a three-time winner of the prestigious U.S. Chamber of Commerce blue ribbon DREAM BIG small business award. This award recognizes the top 100 U.S. small businesses for demonstrating exceptional business practices in several areas including strategic planning, employee development, community involvement and superior customer service.
About Onward Capital LLC
Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle-market industrial businesses. Onward partners with management teams to build value through operational improvements, professional management practices and access to external relationships and growth capital. Onward invests in partnership with family offices, mezzanine funds, equity funds, industry executives and high net worth individuals. For more information on Onward Capital, please visit www.onwardcapllc.com.