Berne-based manufacturer Micromatic acquired
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A northeast Indiana manufacturer is under new ownership. Berne-based Micromatic LLC, which makes and distributes rotary vane actuators, waste tippers and automation assembly systems, has been acquired by Indianapolis-based private equity firm Mitar Private Capital, the company said this week.
Mitar acquired the company from Chicago-based Forest Hill Partners LLC, though financial terms of the deal are not being disclosed.
Forest Hill originally acquired Micromatic in 2005, and co-founding partner John Carretta said the goal was to set the company up for growth.
“Working in close partnership with the Micromatic management team, we accelerated revenue growth, diversified revenue streams, and executed a number of strategic initiatives,” Carretta said in a news release. “Micromatic was FHP’s inaugural investment, and we are extremely proud of how the team came together to achieve our investment goals, including generating a fantastic return for our investors.”
Mitar Private Capital Managing Partner Michael Rosen told Inside INdiana Business the leadership team at Micromatic was key to the decision to go forward with the deal.
“The company’s been in business now close to 100 years; it was founded in 1929,” Rosen said. “It fit our criteria. [It has] a great leadership team. It’s a manufacturing and industrial business right here in Indiana, so that’s something that we really like and appreciate and get excited about investing in that type of business.”
Rosen said Micromatic’s focus, particularly in automation assembly systems, makes the company primed for growth.
“That’s a line that continues to grow, and our customers are growing in their need for automation,” he said. Part of it is our position in the marketplace expanding, but also just the industry trend for greater automation needs.”
Micromatic has 92 employees, according to Rosen, who noted that there are no plans for any job cuts following the acquisition.
Berne is located about 115 miles northeast of Indianapolis and about 30 miles south of Fort Wayne.