Ixonia-based
G&V Machine Company, Inc., a full-service CNC machining company, has been acquired by
Manitowoc Tool & Machining LLC. Terms of the deal were not disclosed. MTM is a portfolio company of West Des Moines, Iowa-based
Midwest Growth Partners.
Founded in 1964, G&V provides machining needs for the construction, agriculture, off-road, highway trucking, forestry, mining, and other OEM industries. G&V manufactures a wide variety of parts, such as gearboxes, pulleys, axles, manifolds, brackets, housings, and other technically complex parts. The company ships products worldwide throughout North and South America and Europe.
Leadership from G&V, including
Chris Griswold, owner and vice president of operations at G&V, will stay with the company throughout the transition.
"After running a competitive process, Manitowoc Tool & Machining emerged as the most credible buyer,” said Griswold. “They demonstrated a strong understanding of the industry and recognized G&V’s untapped capabilities and ability to grow with its customers. I’ve been machining parts for decades and now I am excited to watch the continued success of both companies.”
MTM was established in 1965, has 240 employees, and operates 134 machine tools in a 261,000-square-foot Manitowoc facility.
"G&V Machine Company represents a great investment opportunity for Manitowoc Tool & Machining," said
Rick Swoboda, president of MTM. "We see many avenues for continued growth, including sharing best practices and industry knowledge. The company has done a great job of delivering quality and innovative products. The management team has rich experience in this industry, and we look forward to working with them on a number of growth initiatives.”
