Investor group buys Lewiston manufacturer
Photo / Courtesy of Anania & Associates
The front entrance to Elmet Technologies' Lewiston headquarters.
A group of investors led by a Windham-based private equity firm announced that it has purchased Lewiston manufacturer Elmet Technologies, just after 33 layoffs were reported.
Anania & Associates Investment Co., which operates six other Maine-based manufacturing companies, said on Tuesday that it worked with company management, the Maine Technology Institute and a “small group of committed individual investors” to make the deal possible.
The firm said Maine Department of Economic and Community Development Commissioner George Gervais and the Finance Authority of Maine also assisted. The company’s previous owner was New Hampshire investment firm Liberty Lane Partners.
While financial details of the deal were not disclosed, Peter V. Anania, chairman of Anania & Associates, told Mainebiz in an email that Elmet had more than $50 million in global revenues for 2014 and “currently has the largest backlog in its history.”
He said his firm had reached an agreement with several company management officials to buy the company’s assets and then raised a “substantial amount of capital” from the group of investors. MTI provided the company with $1 million in equity for research and development, the Lewiston Sun Journal reported. FAME also contributed an undisclosed amount of funds.
“We plan to continue the good work the company has always provided their customers and find new niche markets for the high purity metals manufactured in Lewiston,” Anania said in his email to Mainebiz. “We also plan to expand the company’s exports in Asia and Europe as demand continues to increase for existing products.”
Anania did not respond to an emailed question about the current state of 33 hourly and salaried employees, who were reportedly laid off last week. Elmet said in a statement to the Sun Journal that the company recently took a blow when one of its largest customers declared bankruptcy last fall, prompting it to look for more capital or a buyer.
Elmet currently has 200 employees in Lewiston and 120 employees across its other facilities in Covington, Ga.; Seattle, Wash.; and Chengdu, a provincial capitol in southwest China.
Andy Nichols, Elmet’s CEO, said in a prepared statement that “there are so many positives that come with this transaction.”
He added: “Our ownership is an awesome group of seasoned, forward-thinking business leaders from Maine. We have [a] strong commitment to and from our highly experienced and knowledgeable workforce, and with local ownership, we are laser-focused partnering with our global customers to enhance our leadership position in the market.”
Founded in 1929, Elmet specializes in molybdenum and tungsten materials for the semiconductor, flat panel and medical imaging industries, among others.
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