CapitalWorks Private Equity Firm Cleveland Ohio

CapitalWorks Acquires GEMCITY as First Fund IV Platform Acquisition

CLEVELAND, OHIO – Cleveland private equity firm CapitalWorks has acquired GEMCITY Engineering and Manufacturing (“GEMCITY”), a leading manufacturer and provider of advanced automated equipment, complex assemblies, robotics, and high precision machining. Terms of the deal were not disclosed. The acquisition represents the first investment for CapitalWorks Fund IV, L.P., CapitalWorks’ fourth private equity fund.

CapitalWorks will be partnering with CEO Rick Wiegand and President Tim O’Meara to execute its growth strategy. Wiegand joined GEMCITY in 2015 and has successfully implemented operational improvements that have positioned the company for growth. O’Meara has been with GEMCITY for over four decades.

“We look forward to working with the GEMCITY team to grow the business,” said CapitalWorks Managing Director Todd Martin. “GEMCITY’s highly technical manufacturing capabilities and talented engineering team have positioned it to be a strong partner of choice for customers.”

Based in Dayton, Ohio, GEMCITY is a leading provider of specialized equipment and electro-mechanical assemblies for a diverse set of end markets including defense, aerospace, medical, optical communications, packaging, robotics and semiconductors. The company specializes in highly automated, custom equipment and complex assemblies.

“We are excited to partner with CapitalWorks and their network of industry experts to continue the evolution of GEMCITY,” said Wiegand. “They have a deep understanding of our industry and we value their strategic vision along with the resources brought to us by their network.”

CapitalWorks is pleased that Gary Pinard, former President and Owner of TecoMetrix, JD Sullivan, former CEO of Mayfran International, and Joe Brown, President of Tailwind Technologies, will join the Advisory Board of GEMCITY to help refine the vision and strategy and ultimately drive performance.

Oxer Capital provided subordinated debt and senior financing was provided by PNC Business Credit.

About GEMCITY Engineering and Manufacturing

Located in Dayton, Ohio, GEMCITY Engineering and Manufacturing (GEMCITY.com) specializes in manufacturing design-and-build and build-to-print custom equipment, contract manufacturing and high precision CNC machining. GEMCITY provides a broad spectrum of capabilities, technologies and methodologies in a LEAN manufacturing environment. GEMCITY differentiates itself in a wide variety of end markets by maintaining a highly technical culture that is a leader in developing complex products that require high levels of technical expertise.

About CapitalWorks

CapitalWorks LLC (capitalworks.net) is a Midwestern and family-focused private equity firm that encourages knowledgeable investors to partner with it in finding, vetting and owning companies. Based in Cleveland, Ohio, CapitalWorks acquires lower middle-market companies in niche manufacturing, value-added distribution, and business services industries and gives them the capital, support and freedom to grow. Recent acquisitions include CWindows, Chemtron Corporation, and Capewell Aerial Systems. Founded in 1999, the firm’s investors are primarily successful entrepreneurs and executives who contribute to the evaluation and investment process.

Dick Hollington Managing Director, CEO CapitalWorks, LLC
Todd Martin Managing Director CapitalWorks, LLC
Rick Wiegand CEO GEMCITY Engineering and Manufacturing

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