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COMPLETION OF ACQUISITION
DAYTON, OH - July 15, 2004 - Assembly & Test Worldwide (“ATW”) in combination with Thompson Street Capital Partners, is happy to announce the completion of the acquisition
of all the assets of Advanced Assembly Automation, Assembly Technology and Test, Detroit Tool and Engineering, and the stock of Assembly and Test-EUROPE GmbH from DT Industries.
ATW will operate as a cohesive group of very capable and focused divisions. ATW has a unique situation in that we have a clean start with businesses
that have a proven track record of success. The company is a leading manufacturer of assembly and test equipment, tooling and specialized process equipment,
and material handling equipment. We serve a diverse set of customers and industries including technology, automotive, implement, heavy vehicle, pharmaceutical,
medical devices and food. The divisions will operate from existing locations in Lebanon, Missouri, Vernon Hills, Illinois, Saginaw, Michigan, Livonia, Michigan,
Neuwied, Germany and Dayton, Ohio with headquarters for ATW being in Dayton, Ohio.
The acquisition funding came from Thompson Street along with current and former members of management of the various businesses. John Logan and
Richard Glennon, both with many years of industry experience and co-founders of Advanced Assembly Automation, will rejoin the business as Chairman and President
of ATW, respectively. The various divisions will be run by their current management including:
Gene Haffely, President – Advanced Assembly Automation Division in Dayton
Wayne Schultz, President – Advanced Technology and Testing Division in Livonia
John Schott, President – Detroit Tool and Engineering Division in Lebanon and Vernon Hills
Jeff Joynt, President – Assembly Technology and Test Division in Saginaw
Thomas Wildt, Managing Director – Assembly and Test-EUROPE Subsidiary in Neuwied
Thompson Street, a $145 million dollar private equity fund located in St. Louis, Missouri, will provide the financial backbone to allow ATW to
grow and prosper. Thompson Street’s interest in the business stems from its prior association. While at Harbour Group, one of Thompson Street’s Managing Partners,
James Cooper, was intimately involved in sourcing and acquiring the divisions. “Our familiarity with the business, and especially the management team was the primary
motivator,” Mr. Cooper said. “We have great confidence this team will create significant value because the businesses will now have the proper capital structure.
We also believe the capital goods market, which had been depressed and was a primary cause of DT Industries’ difficulties, is finally turning around.”
Thompson Street invests in manufacturing, distribution and service businesses in partnership with management or prior owners.
ATW and its divisions look forward to engaging with you very soon to allow us the opportunity to show you our capabilities and new found drive.
Our Account Managers will be contacting you shortly to arrange a meeting to provide comprehensive information about our company. Thank you for all the
opportunities you have afforded us in the past and rest assured we will provide you the highest value solutions you can find. If there are projects that
we could immediately help you with, please free to contact us directly (937) 222-3030 or contact your account manager directly.
Sincerely,
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John F. Logan
Chairman |
Richard F. Glennon
President and CFO |
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