AdcoleCorporation (Adcole) has announced its acquisition by Artemis Capital Partners(Artemis), a Boston-based private equity firm focused on acquiring and growing differentiatedindustrial technology companies. Founded in 1957 and headquartered in Marlborough,Massachusetts, Adcole designs and builds Cylindrical Coordinate MeasuringMachines (“CCMM”) used for the precision gauging of critical enginecomponents such as camshafts, crankshafts, and pistons. Adcole CCMMs are trustedby hundreds of major automotive OEMs, Tier 1 suppliers, and industrialcompanies across the world and across all phases of the manufacturing process â€“from in-line production testing to R&D laboratories. Adcole is also aleading supplier of high-precision sun sensors, which provide mission-criticalpositioning and control capabilities to a broad array of Low Earth, MediumEarth, and Geostationary satellites and NASA exploration vehicles. In additionto its headquarters in Massachusetts, Adcole serves its customers fromlocations in Detroit, Michigan, Recklinghausen, Germany, Tokyo, Japan, andShanghai, China.
Concurrentwith the acquisition John Brooks Reece, Jr., long-time head of AdcoleMetrology, has been promoted to President and Chief Executive Officer,succeeding Addison Cole, the Company’s founder. Thomas K. MacDonald continuesto lead the Adcole Aerospace division. In addition Douglas H. Vandenberg hasjoined the company as Chief Financial Officer, having previously served as anOperating Partner for Thomas H. Lee Partners.
Consistent with Artemis’investment strategy, Adcole possesses a rare combination of proven performance,outstanding brand recognition and significant growth potential: â€œOver the past57 years, Adcole has built its reputation as the trusted standard for mission-criticalmeasurements across the automotive, industrial, and aerospace markets,â€ saidPeter A. Hunter, Managing Partner at Artemis. In partnership with Adcole’sseasoned management team, we are excited to build upon Adcole’s heritage of uncompromisingquality while investing in a future of unprecedented innovation and growth.â€
BrookReece, Adcole’s new President and C.E.O., concurred: â€œWe are excited about partneringwith Artemis. By adding Artemis’s strategic and operational resources, Adcoleis now poised for a new era of growth â€“ marked by a renewed focus on R&D, anenhanced sales and marketing strategy, and improved global operations. Mostimportantly, our customers can count on a seamless transition and our unwaveringfocus on accuracy, quality, and service.â€
Foundedin 2010, Artemis Capital Partners is a Boston-based private equity firm focusedon acquiring and growing differentiated industrial technology companies. Artemisseeks to partner with companies that have strong established management teams, outstandingengineering capabilities, unique products, and expanding niche markets. Formore information on Artemis, please visit: www.artemislp.com.