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GEMCITY Engineering & Manufacturing acquired by private equity firm |
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Oct 07, 2007 at 12:22 PM |
 Riverside Partners, a Boston, MA-based private equity firm, has acquired GEMCITY Engineering & Manufacturing, founded in the 1930s and focused on specialized equipment manufacturing, sub-systems and components with facilities in Dayton, Ohio and Bangkok, Thailand. The value of the deal was not announced.
"GEM's longstanding and strategic relationships with customers like iRobot and Siemens, its talented management team and its history of engineering equipment for the most mission critical applications make it a perfect match for Riverside Partners,” stated Steven F. Kaplan, a General Partner at Riverside. “Jim Whalen and his team have positioned the company for significant future growth. In today's environment, many customers are seeking out a contract manufacturer with the engineering skills of GEM to improve product design and manufacturability leading to higher quality and reduced costs." According to Riverside Partners it is focused on companies with revenues between $20-- 200 million and with $5 -- 25 million of EBITDA.
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