Metalcaster Watlow Batavia Inc., Batavia, Ill., has been purchased by LV2 Equity Partners, Midland, Mich., which has left the existing management team in place but renamed the company.
The nonferrous caster, which produces primarily heating products, will be renamed Cast Aluminum Solutions LLC and be a wholly owned entity of LV2 Aluminum Castings LLC, which was formed to purchase the assets of Watlow Batavia.
According to a press release issued by LV2, the equity firm intends to provide leadership and strategic management services to the metalcaster going forward.
“We feel that [this] is a terrific company with great people and capabilities,” said Mike Flint, senior managing director of the equity group. “Our focus will be on providing exceptional service to our customers and remaining their supplier of choice.”
According to its website, LV2 typically invests in small to lower middle market companies ($3-30 million in sales). The firm has several niche manufacturing companies in its portfolio. Watlow Batavia focused on aluminum “cast-in” heating products for the food service, semiconductor, medical and aerospace industries, as well as for an array of other custom industrial applications.