Cleveland's MCM Capital Partners has acquired a majority stake in Andover Corp., a manufacturer of highly engineered, thin film optical coatings and filters based in Salem, New Hampshire.
"Andover is a perfect fit with MCM’s investment focus, with proprietary technology in thin film optical coatings, a large market opportunity in growing industries and a cultural focus of exceptional quality and customer service," said MCM Principal Bobby Kingsbury, who led the transaction on behalf of the micro-cap private equity firm.
Andover, which manufactures products for global industries including aerospace and defense, semiconductor, environmental, medical device, astronomy and instrumentation, is the fifth platform investment in MCM Capital Partners III.
MCM Senior Operating Partner Harry Shimp commented that the company fits the mold of MCM’s most successful acquisitions. Shimp was recently appointed Andover's CEO.
"I am favorably impressed with the proprietary technology and talented people at Andover Corp.," Shimp said in a statement. "The management team has a good mix of youthful enthusiasm and experience, are open to new initiatives and extremely motivated. I’m excited to begin working with the team and building upon the company’s solid foundation to drive outsized growth.”
MCM partnered with Andover’s President John Cotton and the executive management team on the transaction.
“After my co-founder, Richard Bennett, passed away, we recognized the importance of developing a succession plan that would ensure the longevity of Andover for our customers, vendors and most importantly, our wonderful employees," Cotton said in a statement. "After conducting a thoughtful and thorough search process, we have found, in MCM, a great partner that will support our long-standing management team, help Andover improve its service levels, expand our capabilities and ultimately refine our strategic direction in the market."