New York equity firm Uni-World Capital LP has acquired CNC machine tool builder Drake Manufacturing Services Co., Warren, Ohio.
"Drake has been growing at a rapid pace with expanding international reach since 2008," said Uni-World Managing Partner Christopher P. Fuller. "We are confident that this trend will continue and we see new markets both in the United States and overseas."
In addition to providing capital, Uni-World and its advisory board will provide strategic and operational advice to Drake.
"Drake is at an exciting point in its 42-year history and this new equity partnership will both sustain and increase our growth trajectory," said James Vosmik, president of Drake. "We are looking forward to working with Uni-World and its advisory board to build on our position as a leading manufacturer of precision CNC machine tools for the U.S. and export markets."
Drake was founded in 1972 as a manufacturer of specialty machinery. In 2006, the company began focusing on machines and systems for threading, according to the company. Under the terms of the agreement, Drake's senior management will be significant equity owners in the company and remain in their current positions, and the company will continue to be based in Warren.
League Park Advisors, Cleveland, served as exclusive investment banker to Drake.
Related Glossary Terms
- computer numerical control ( CNC)
computer numerical control ( CNC)
Microprocessor-based controller dedicated to a machine tool that permits the creation or modification of parts. Programmed numerical control activates the machine’s servos and spindle drives and controls the various machining operations. See DNC, direct numerical control; NC, numerical control.
- threading
threading
Process of both external (e.g., thread milling) and internal (e.g., tapping, thread milling) cutting, turning and rolling of threads into particular material. Standardized specifications are available to determine the desired results of the threading process. Numerous thread-series designations are written for specific applications. Threading often is performed on a lathe. Specifications such as thread height are critical in determining the strength of the threads. The material used is taken into consideration in determining the expected results of any particular application for that threaded piece. In external threading, a calculated depth is required as well as a particular angle to the cut. To perform internal threading, the exact diameter to bore the hole is critical before threading. The threads are distinguished from one another by the amount of tolerance and/or allowance that is specified. See turning.
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