Los Angeles, CA – January 3, 2013: Corridor Capital (“Corridor”) celebrated the New Year early with the acquisition of three specialty manufacturing companies from Churchill ESOP Capital Partners on December 21, 2012. In the transaction, Corridor acquired Wetmore Tool & Engineering, Inc. (“Wetmore”), US Industrial Tool & Supply, Inc. (“USIT”), and Arvan, Inc. (“Arvan”).
Founded in 1950 and located in Chino, California, Wetmore is a market leader in specialty cutting tools, drill bits and fasteners serving customers in the aerospace, automotive and industrial markets. Wetmore manufactures both custom and standard cutting tools and related products under the HP Manufacturing, Wetmore Cutting Tools and California Associated Products brands.
Based in Gardena, California, USIT is a leading supplier of specialty power and hand tools that require high tolerances, durability and quality. USIT manufactures the HS Tooling line of leading installation, assembly and repair tools for highly demanding aerospace manufacturing applications, including its proprietary Spacematic series of high-precision handheld drills for close-tolerance countersink and reaming operations. The company also offers an expansive selection of precision tools and accessories through its U.S. Industrial Tool & Supply professional tooling catalog.
Arvan specializes in compression and injection transfer molding of aerospace and other industrial components including aircraft pulleys, electrical terminal blocks, buss bars and molded composite parts. Arvan also operates out of Gardena, California.
“We are extremely excited to complete this initial investment with our latest fund,” stated Craig Enenstein, CEO of Corridor. “Each of these specialty manufacturing companies has built an excellent reputation for delivering quality solutions to demanding sectors. We look forward to partnering with the management teams to continue to build on their excellent reputations and accelerate growth, both organically and through acquisitions.”
