Onward Capital Announces the Sale of Domaille Engineering to American Industrial Partners

CHICAGO (November 30, 2021) – Onward Capital, a Chicago-based private equity firm, in partnership with Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, Missouri announced that it has completed the sale of Domaille Engineering (Domaille) to ADDMAN Engineering, a portfolio company of American Industrial Partners (AIP), a New York based private equity firm. Domaille was advised in the transaction by Lincoln International and Ropes & Gray LLP.  Terms of the transaction were not disclosed. 

Domaille, headquartered in Rochester, Minnesota, engineers and manufactures complex, mission-critical products for the defense, aerospace, national security, telecommunications, energy and medical sectors. The Company also provides industry-leading polishing machines and fixtures, inspection equipment and associated engineered products for the rapidly growing fiber-optic cable market. 

During its ownership of Domaille, Onward supported the Company’s growth by investing in sales and marketing strategies, strengthening the executive management team, increasing operational efficiencies, and executing several strategic acquisitions, including Maryland-based Stanley Engineering and Missouri-based TECH Manufacturing.  Over a five-year ownership period, Domaille nearly tripled revenues and doubled earnings.

Marcus George, Partner at Onward Capital, said, “Working in close partnership with the Domaille management team, we accelerated revenue growth and executed on a number of strategic initiatives.”  Laura Lester, Partner at Onward Capital, added, “Domaille was Onward’s inaugural investment.  I am proud of how the team came together to achieve our goals, generating an attractive return for all investors.”

About Onward Capital LLC

Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle-market industrial businesses.  The Onward Partners have completed 59 private equity transactions and invested $610 million dollars of capital in the sector.  Onward targets manufacturing and value-added distribution companies, typically with revenues between $15 million and $100 million and 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.