Elmet Technologies, a fully integrated, global leader in production of engineered molybdenum and tungsten products announces it completed Phase II of its management buyout by refinancing the assets of the business.
Elmet’s ownership team is looking forward to continued growth and expanding on its global market leadership position. Andy Nichols, CEO of Elmet Technologies, stressed that the refinancing was accomplished with MidCap Business Credit and Wells Fargo’s help. The refinancing will allow the 88-year-old company to make additional investments, furthering its commitment to its global customer base.
“There are so many positives that come with this transaction,” said Nichols. “Our forward-thinking ownership team has been laser-focused on partnering with our global customers to enhance our leadership position in the marketplace. As always, this requires continued investment. There are many exciting potential products and projects, which Elmet is poised to take advantage of with this new capital.”
Peter V. Anania, President of Elmet and Chairman of Anania & Associates Investment Company, commented that “Elmet is a great Maine business with tremendous potential. This refinancing puts the company on a much stronger foundation, allowing for additional equity investments if needed. We are excited to partner with the Elmet team as we move on to Phase III of our plan to jump start Elmet’s growth by moving into new markets.”
About Elmet Technologies, LLC
Established in 1929, Elmet is a fully integrated global supplier of high-performance materials with a specialization in molybdenum and tungsten. Our world-class facilities manufacture and fabricate to our customers’ most exacting specifications, and are led by experts in molybdenum and tungsten.
With over 300,000 square feet at two manufacturing sites in Maine and Georgia, Elmet produces mill, machined, and fabricated products for semiconductor, flat panel display manufacturing, medical imaging, and many other industries. Elmet is ISO 9001 and AS9100 certified. More information about Elmet is available online at http://www.elmettechnologies.com/.
About Anania & Associates Investment Company LLC
Anania & Associates Investment Company LLC (AAI) is a Maine based and focused private equity firm that partners with management teams acquiring and building companies with a high potential for growth. Founded in 2008 the fund currently has 7 portfolio companies representing over 400 employees and $70 million in revenue. AAI is a long term, regionally focused investor focused on supporting sustainable growth for Maine and its portfolio companies which include: Elmet Technologies LLC, Lighthouse Imaging LLC, MEGA Industries LLC, mWAVE Industries LLC, Synergistic Software Solutions LLC & TrakTec LLC.
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