Cleveland-based CapitalWorks has acquired Dayton-based GEMCITY Engineering and Manufacturing in the first investment for its CapitalWorks Fund IV, L.P. CapitalWorks will partner with GEMCITY CEO Rick Wiegand and President Tim O’Meara to execute its growth strategy. The firm will also bring in Gary Pinard, former President and Owner of TecoMetrix and J.D. Sullivan, former CEO of Mayfran International to join the GEMCITY advisory board, which is tasked to help refine the vision and strategy, and ultimately drive performance. “We look forward to working with the GEMCITY team to grow the business,” CapitalWorks Managing Director Todd Martin said. “GEMCITY’s highly technical manufacturing capabilities and talented engineering team have positioned it to be a strong partner of choice for customers.” GEMCITY is a manufacturer and provider of advanced automated equipment, complex assemblies, robotics and high-precision machining. It provides specialized equipment and electro-mechanical assemblies for the defense, aerospace, medical, optical communications, packaging, robotics and semiconductor sectors. Terms of the deal were not disclosed. The $125 million CapitalWorks Fund IV is the firm’s fourth fund. Subordinated debt: Oxer Capital Senior financing: PNC Business Credit
