HAMPTON, NH--(Marketwired - March 31, 2016) - Shipston Equity Holdings, LLC (Shipston), a privately owned company, announced today the acquisition of 3Point Machining, Inc. (3PMI).
"I've admired SPMI's operations for a long time. For good reasons, as it has been a leader in product design, engineering, and a Tier 1 supplier of safety critical precision machined components and assemblies to the heavy duty, military, and automotive markets for over fifty years. We see a unique alignment with 3PMI with our investment philosophy and how we manage it for the long-term. We believe that as part of Shipston, 3PMI will be exceptionally well-positioned to support our customers' needs into the future. This transaction offers compelling and immediate value for our shareholders, and allows 3PMI's employees to continue to operate in the same manner that has generated many years of exceptional service and performance to its customers," said Michael D. Dingman, chairman and chief executive officer of Shipston.
"I'm very pleased with the acquisition of 3PMI," Nick A. Busche, President and CEO of Busche Performance Group, Inc. (Busche) said, "as it represents another milestone in our strategy to continue our growth through collaborative product engineering, design, casting, validation, machining, and assembly that offers a comprehensive package under our combined operations of Busche and SAT. Under Mike's leadership, an aligned sense of ownership is shared with operating managers, and our values embrace performance that cannot always be measured but are readily seen by customers, suppliers, and employees which has been built upon the foundation of the basic operating fundamentals of quality, technology, delivery, and service. 3PMI has a strong and talented operating workforce under the leadership of Darwin Gordon, its General Manager. We are pleased to welcome Darwin and the entire work force into the Busche operating company."
Shipston employs approximately 1,500 people through thirteen manufacturing operations over 1.3 million square feet. Shipston's operating companies include Busche and Shipston Aluminum Technologies (SAT) with customers that include nearly all North American, Asian, and European OEMs, as well as major Tier 1 suppliers.
Shipston's advanced technologies -- including engineering, design, and continuous training of employees -- are demonstrated through quality, delivery, and service that is world-class. Shipston demonstrates its strength in operations, technical resources, depth of employee talent, and financial capabilities through ongoing high volume production operations and multiple program launches requiring world class capabilities and execution.
"The combination of a veteran operating team and our financial resources will provide the building blocks for future growth and acquisitions in this industry sector as well as others," Dingman added. "We have a dynamic and cohesive shareholder base that fully embraces our management team and growth strategy. Our operating philosophy has already been applied to family businesses seeking to build a legacy and is a tremendous fit for entrepreneurs pursuing further opportunities. I reasonably anticipate that Shipston will continue along an aggressive path of growth through organic investment and acquisitions, while generating solid earnings and cash flow. We are always evaluating further acquisitions, and there are several that could expand our geographic reach and product depth and of course in our current operations we are continuously investing in capital equipment, employee training, and facilities that support our customers. Our capital structure and access to capital positions us for dynamic long term sustainable growth with complementary diversification, and I think that our style of investment and operations is quite similar to the one followed by Berkshire Hathaway."
For additional information about Shipston Equity Holdings, LLC visit shipstongroup.com.