KPMG Corporate Finance LLC acted as exclusive financial advisor to Wetmore Tool & Engineering ("Wetmore"), a portfolio company of Corridor Capital, in the sale to Dormer Pramet, a division of Sandvik Machining Solutions, a business area of Sandvik AB (SAND:SS).
Founded in 1950 and based in Chino, California, Wetmore is a leader in the production of specialty round cutting tools and temporary fasteners for use in aerospace manufacturing applications. Wetmore’s product offering is recognized for high quality, precision, balance, and serviceability and utilized by a customer base that includes the most recognized aerospace and defense manufacturers globally.
“It has been an honor to work with our management partners at Wetmore to build upon the company’s legacy as a long-standing and valued supplier to many of the aerospace industry’s best manufacturers. During our investment period, we’ve worked closely with the company to expand its production capacity, implement best in class financial and operating systems and deepen relationships with valued customers and distribution partners,” said Corridor Managing Director, Cameron Reilly.
The acquisition not only expands Dormer Pramet’s range of round tools but it also facilitates an improved position in key aerospace markets, enhancing Dormer Pramet’s “one-stop-shop” offering. “The acquisition is aligned with Sandvik Machining Solutions’ growth strategy. Wetmore Tool & Engineering will add competence in application areas that complements our existing offering in round tools”, says Klas Forsström, President of Sandvik Machining Solutions.
Corridor Capital is a Los Angeles based, operationally-intensive, private equity firm focused on investing in lower middle market, specialty manufacturing, business services and value-added distribution companies.
Sandvik AB, headquartered in Stockholm, Sweden, is a high-tech and global engineering Group conducting operations in three business areas: Sandvik Machining Solutions, Sandvik Mining and Rock Technology, and Sandvik Materials Technology.
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