Washington Equity Partners, with Management, Leads Majority Recapitalization of Arc Drilling

Washington Equity Partners, with Management, Leads Majority Recapitalization of Arc Drilling

MCLEAN, VA / CLEVELAND, OH, November 21, 2017 – Washington Equity Partners (“Washington Equity,” a private equity firm based in the Washington DC metro area), in partnership with the Company’s existing owners and management, today announced an investment in Arc Drilling, LLC (“Arc Drilling” or the “Company”).  Headquartered in Cleveland, Ohio, Arc Drilling is a leading provider of electrical discharge machining (EDM) solutions to the industrial gas turbine and aerospace engine markets.  Arc Drilling is Washington Equity’s second portfolio company in the Aerospace, Defense and Government (ADG) sector and will serve as Washington Equity’s platform company in the growing EDM market. 

Founded in 1961, Arc Drilling’s capabilities include Fast Hole EDM, Wire EDM and Sinker EDM.  The Company has a long history of being an industry leader in production quality and turnaround times, and it performs EDM services on over 200,000 parts per year for a diversified customer base that includes GE, Parker Hannifin, Precision Castparts, Swagelok and Woodward.  With facility locations in Cleveland, OH, Greenville, SC, and Charleston, SC, Arc Drilling is strategically positioned near major industrial gas turbine and aerospace engine manufacturing centers. 

Arc Drilling’s current management team, led by Lee Trem and Kevin Trem, will continue to lead the Company going forward.  “We are very excited to partner with Washington Equity as we lead Arc Drilling through this next stage of transformative growth,” said Lee Trem, President of Arc Drilling.  “Market demand for high quality EDM suppliers like Arc Drilling is at an all-time high, and Washington Equity’s strategic focus on growth and market leadership make it an ideal partner for us.”

Kevin Trem, Vice President of Arc Drilling, commented, “We look forward to leveraging Washington Equity’s resources, relationships and domain expertise in gas turbines as we expand our business.  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.”     

Jesse Liu, a Partner at Washington Equity, said, “As a pure-play EDM provider, Arc Drilling is uniquely positioned to benefit from the growing demand in the turbine market for manufacturing technologies that can reliably produce small and complex hole channels and gas pathways.  Lee Trem, Kevin Trem and the entire management team at Arc Drilling have built an industry leader in EDM capability and execution quality and we are proud to have the opportunity to partner with them.”

Gladstone Capital, Farragut Capital and Siguler Guff provided debt and equity financing in support of the transaction. 

EdgePoint Capital provided M&A advisory services to Arc Drilling.  

About Washington Equity Partners

Washington Equity Partners is a sector-focused private equity firm that makes control equity investments in established lower middle market businesses with strong prospects for rapid organic and acquisition-driven growth.  The firm is headquartered in McLean, VA and is focused on investing in: (i) Aerospace, Defense, and Government Contracting, (ii) Industrial and Advanced Manufacturing, and (iii) Software and Technology. 
www.w-equity.com

About Arc Drilling

Headquartered in Cleveland, Ohio, Arc Drilling is a leading provider of Fast Hole EDM, Wire EDM and Sinker EDM manufacturing services. The Company was founded in 1961 and is a long-time supplier to OEMs and Tier I suppliers in the industrial gas turbine, aerospace engine and industrial markets. Arc Drilling has manufacturing operations in Cleveland, Ohio; Greenville, South Carolina; and Charleston, South Carolina.  www.arcdrilling.com

Contact:

Jesse Liu, Bob Knibb or Hagen Saville
Washington Equity Partners
1420 Spring Hill Road, Suite 600
McLean, VA 22101
(202) 839-3410
www.w-equity.com

SOURCE: Washington Equity Partners L.L.C.

Femme Comp, Inc. (FCI) Announces New Leadership and Ownership

Femme Comp, Inc. (FCI) Announces New Leadership and Ownership

CHANTILLY, Va., Aug. 1, 2016 /PRNewswire/ -- Femme Comp Incorporated (FCI), a leading Federal government contractor providing systems engineering, cybersecurity, IT services and innovative financial and management solutions, announced today that it has been sold to a business partnership formed by Mr. John Bronson, Mr. Robert Knibb and Mr. B. Hagen Saville. FCI was formed 37 years ago by Ms. Maureen Wilcox.

Mr. Bronson has been employed by FCI for the last 23 years and most recently held the position as its Executive Vice President and Chief Operating Officer.  Mr. Knibb and Mr. Saville each have over 30 years of executive financial and business management experience.  Mr. Knibb was co-founding General Partner of Arlington Capital Partners. Mr. Saville was a co-founder, member of the Board, and a former CEO of MCG Capital Corporation. Effective immediately, Mr. Bronson will serve as FCI's President and CEO. Mr. Knibb and Mr. Saville as owners will join FCI's Board of Directors and will provide direction in defining business strategy and long term growth initiatives.  Ms. Wilcox will continue to contribute her expertise and industry knowledge as a member of the Board of Directors. 

New President and CEO John Bronson states, "I am excited to continue the great work this organization has a reputation of providing.  I look forward to building upon that success as the new leadership team takes FCI into the future.  Maureen has built a solid foundation and reputation from which to launch this new chapter. The new ownership team plans to invest in corporate and employee credentials as well as business development to diversify our market presence and client portfolios to better position ourselves for growth within the Federal IT services sector."

Simultaneous with the closing of the transaction, Mr. Danny Pummill has joined FCI as Executive Vice President and Chief Operating Officer.  Mr. Pummill is a well-respected government executive who retired as Under Secretary for Benefits from the Department of Veterans Affairs in June of this year. He previously was the Deputy Assistant Secretary of the Army for Health and Medical Oversight and is a former Army officer with over 30 years of service.

See our website for more details and future announcements,   http://www.femmecomp.com

Contact: info@femmecomp.com

SOURCE: FCI

Related Links

http://www.femmecomp.com