Artemis announces acquisition of Adcole Corporation
Newest Artemis Portfolio Company is Leading Manufacturer of
Precision Gauges & Sensors for Automotive, Industrial, & Aerospace Markets
Boston, MA (July 31, 2014) – Artemis (Artemis) has led the acquisition of Adcole Corporation (Adcole), a world-leading manufacturer of metrology gauges and satellite sun sensors. Founded in 1957 and headquartered in Marlborough, Massachusetts, Adcole designs and builds Cylindrical Coordinate Measuring Machines (“CCMM”) used for the precision gauging of critical engine components such as camshafts, crankshafts, and pistons. Adcole CCMMs are trusted by hundreds of major automotive OEMs, Tier 1 suppliers, and industrial companies across the world and across all phases of the manufacturing process – from in-line production testing to R&D laboratories. Adcole is also a leading supplier of high-precision sun sensors, which provide mission-critical positioning and control capabilities to a broad array of Low Earth, Medium Earth, and Geostationary satellites and NASA exploration vehicles. In addition to its headquarters in Massachusetts, Adcole serves its customers from locations in Detroit, Michigan, Recklinghausen, Germany, Tokyo, Japan, and Shanghai, China.
Concurrent with the acquisition John Brooks Reece, Jr., long-time head of Adcole Metrology, has been promoted to President and Chief Executive Officer, succeeding Addison Cole, the Company’s founder. Thomas K. MacDonald continues to lead the Adcole Aerospace division. In addition Douglas H. Vandenberg has joined the company as Chief Financial Officer, having previously served as an Operating Partner for Thomas H. Lee Partners.
Consistent with Artemis’ investment strategy, Adcole possesses a rare combination of proven performance, outstanding brand recognition and significant growth potential: “Over the past 57 years, Adcole has built its reputation as the trusted standard for mission-critical measurements across the automotive, industrial, and aerospace markets,” said Peter A. Hunter, Managing Partner at Artemis. In partnership with Adcole’s seasoned management team, we are excited to build upon Adcole’s heritage of uncompromising quality while investing in a future of unprecedented innovation and growth.”
Brook Reece, Adcole’s new President and C.E.O., concurred: “We are excited about partnering with Artemis. By adding Artemis’s strategic and operational resources, Adcole is now poised for a new era of growth – marked by a renewed focus on R&D, an enhanced sales and marketing strategy, and improved global operations. Most importantly, our customers can count on a seamless transition and our unwavering focus on accuracy, quality, and service.”
Founded in 2010, Artemis is a Boston-based private equity firm focused on acquiring and growing manufacturers of differentiated industrial technologies, including analytical and lab instrumentation. Artemis seeks to partner with companies that have strong established management teams, outstanding engineering capabilities, unique products, and expanding niche markets. For more information on Artemis, please visit: www.artemislp.com
Vice President, Business Development