Cleveland’s Arc Drilling LLC is the latest platform company for Washington Equity Partners, a private equity firm based in the Washington D.C. metro area.
The sector-focused PE firm led a majority recapitalization of family-owned Arc Drilling, which becomes the second portfolio company in the aerospace, defense and government sector. It will serve as the PE firm’s platform company in the electrical discharge machining (EDM) market.
Arc Drilling provides EDM services to the industrial gas turbine and aerospace engine markets. It also performs EDM services on more than 200,000 parts annually for customers that include GE, Parker Hannifin, Precision Castparts, Swagelok and Woodward. Arc Drilling President Lee Trem and Vice President Kevin Trem will continue to lead the company going forward.
"Having more resources and capital available will enable us to provide even better value to our customers through geographic expansion and the development of new capabilities," Kevin Trem said in a statement.
The company has facilities in Cleveland, Greenville, SC, and Charleston, SC, near major industrial gas turbine and aerospace engine manufacturing centers.
M&A advisory services: EdgePoint Capital
Debt and Equity financing: Gladstone Capital, Farragut Capital and Siguler Guff
