Ramsey, New Jersey, June 2, 2020 – Arcline Investment Management (“Arcline”), a growth-oriented private equity firm with $1.5 billion of committed capital, today announced that it has acquired a controlling stake in Glebar Company (“Glebar”) from management shareholders, led by Chairman Adam Cook, and the electrochemical grinding (“ECG”) assets of Everite Machine Products from Eureka Equity Partners.
Glebar designs, manufactures and services turnkey micro machining, centerless grinding and electrochemical grinding systems used primarily in the production of medical guidewire and minimally invasive surgical components, as well as in aerospace, consumer and other industrial applications. The Company is the original equipment manufacturer and supplier of consumables, replacement parts and repair and maintenance services to its installed base of systems. Glebar’s headquarters and primary manufacturing facility is located in Ramsey, NJ. The Company also has ECG manufacturing operations in Philadelphia, PA, and Pennsauken, NJ, following its recent acquisitions of Tridex Technologies and Everite, which bring decades of experience and technological leadership designing and manufacturing ECG solutions, as well as extensive installed bases to which the combined Company provides aftermarket parts and service.
Arcline commented, “We are excited to partner with Glebar management and to continue the Company’s focus on maximizing its customers’ return on investment and throughput in the production of increasingly complex components used in minimally-invasive surgery, aerospace and other mission-critical industrial applications. We are committed to investing both organically in the Company’s engineering, technology, and aftermarket service capabilities, as well as through acquisitions such as Everite, to continue to build Glebar into the leading, full-service provider of innovative process improvement solutions for its customers.”
Former Chairman and CEO Adam Cook stated, “As the owner of Glebar, I focused on finding the right partner for the Company and the management team to continue building on what we started. We chose Arcline because of their growth mindset, passion for building market-leading companies, and reputation for doing what they say. I am excited to watch the value creation that the partnership between Glebar and Arcline will create for its customers, stakeholders and employees.”
Glebar CEO Robert Baker added, “We are excited for the next chapter in Glebar’s nearly 70-year story and thank Adam Cook for his commitment to the employees and the success Glebar has experienced under his tenure. As we move forward, we know our future with Arcline is bright as their deep experience with our business model and in our markets make them a great fit as we look to aggressively grow the business over the coming years.”
Piper Sandler acted as financial advisor to Arcline. Cowen acted as financial advisor to Glebar.