We’re excited about the new partnership and the opportunities it will create for our customers and our employees.
Harwood Heights, IL (PRWEB) April 23, 2012
As part of the transaction, Quality Control Corp has been renamed QCC, LLC, and will continue to operate independently under the same leadership team. Terms of the transaction were not disclosed.
Greg Willard, QCC’s President and CEO, said, “I am very proud of the 60-year legacy created by this family-owned business and what the team has accomplished at QCC over the years. Promus is an ideal partner for us as we enter this next stage in our development because they see the value in our top-notch team and can provide additional support for the accelerated growth we desire. We’re excited about the new partnership and the opportunities it will create for our customers and our employees.”
QCC was founded in 1951 by the late Richard C. Michalek and has remained in the ownership of the Michalek family until now. It has grown to be a leading manufacturing services provider supporting market-leading companies like Parker Hannifin, Sauer-Danfoss and Woodward, Inc. With its core in precision machining and assembly, QCC allows original equipment manufacturers (“OEMs”) to focus on their primary products and core competencies by handling non-core or legacy stage manufacturing and assembly requirements.
Sarah Wuellner, Principal at Promus, said, “We are thrilled to become partners with Greg Willard and the entire QCC team. Among the many notable attributes of the company, we are especially impressed with their strong customer relationships and the proven capabilities of the management team and workforce.”
Mr. Willard said that all current QCC sales programs and customer relationships will remain intact. “Our customers can expect the change in ownership to be positive and transparent, with our business continuing to operate as usual, with the same team.”
As OEMs look for a decreasing number of reliable and financially stable suppliers, QCC has seen growth in industries with long product lifecycles and precision manufacturing needs, such as aerospace, construction and agriculture. There has been an increasing need for QCC to help free up its customers’ resources to make way for new designs or growing core product lines. This could be through outsourcing, licensing or product acquisition.
Under Promus ownership, Willard foresees accelerated opportunities for growth. “QCC will have access to capital and resources to profitably grow our business to better support our customer’s needs. With increased capabilities, QCC will move more quickly to acquire or license legacy product lines and enhance our customer relationships.”
About Promus Equity Partners
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm based in Chicago, Illinois with approximately $500 million under management among its affiliated entities. Promus targets healthy, lower-middle market companies with EBITDA of $10 million or less. Members of the Promus team are proven investors with wide-ranging experiences over numerous economic cycles in a variety of industries. As a family office with a flexible investment mandate, they think creatively and allow each opportunity to guide their investment structure and duration absent the constraints imposed by traditional private equity funds. Their success relies upon partnering with managers and business owners to collaboratively develop plans to accelerate growth and increase value. As a family of investors, they share a common vision to build a portfolio of outstanding businesses. For more information about Promus Equity Partners, please contact Sarah Wuellner at swuellner(at)promusequity(dot)com.
QCC is a world-class manufacturing services provider specializing in the manufacture, assembly and testing of complete products and precision machined components, with particular expertise in valves, pumps, motors, mechanical seals and other fluid power products. With exceptional manufacturing processes and project management capabilities, QCC allows original equipment manufacturers (“OEMs”) to focus on their primary products and core competencies by handling non-core manufacturing and assembly requirements throughout any stage of their product’s lifecycle. QCC’s brands include Qualiseal Technology, Dukes Fluid Power and Webster. To learn more about QCC, please visit http://www.qccorp.com or contact Greg Willard at willard(at)qccorp(dot)com.