Los Angeles, CA – Corridor Capital announced today its sale of Wetmore Tool & Engineering Company to Dormer Pramet, a division of Sandvik Machining Solutions, a business area of Sandvik AB (SAND:SS). Founded in 1950 and located in Chino, California, Wetmore is a leader in the production of specialty round cutting tools and temporary fasteners for use in aerospace manufacturing applications.
Sandvik Machining Solutions is a global market-leading manufacturer of tools and tooling systems for advanced metal cutting and active in segments such as general engineering, automotive, aerospace etc.
“It has been an honor to work with our management partners at Wetmore to build upon the company’s legacy as a long-standing and valued supplier to many of the aerospace industry’s best manufacturers. During our investment period, we’ve worked closely with the company to expand its production capacity, implement best in class financial and operating systems and deepen relationships with valued customers and distribution partners,” said Corridor Capital CEO, Craig Enenstein. “We are very excited about Wetmore’s next stage of growth and believe Sandvik represents an excellent home for the business, offering Wetmore access to Sandvik’s extensive manufacturing, supply chain and commercial resources.”
“The acquisition is aligned with Sandvik Machining Solutions’ growth strategy. Wetmore Tool & Engineering will add competence in application areas that complements our existing offering in round tools”, says Klas Forsström, President of Sandvik Machining Solutions.
“We have very much enjoyed the support and true partnership that Corridor has offered to Wetmore and all its stakeholders,” added Wetmore CEO, Jerome David.” As production demand grows in the aerospace industry and we seek to continuously improve on the products and service we offer our customers, we are excited to leverage the deep cutting tool manufacturing experience, production and supply chain resources and market relationships that Sandvik offers.”
Craig Enenstein shared “The sale of Wetmore represents the third portfolio company exit from Corridor Capital II, L.P. which has already returned more than 100% of invested capital to our limited partners. We are proud of our impact on Wetmore as evidenced in the improvements to financial and operational infrastructure, investments in human capital and strategic expansion of the company’s commercial and technical capabilities.”
Investment banking firm KPMG Corporate Finance LLC and the law firm of Morgan, Lewis & Bockius LLP advised Corridor Capital on the transaction.