Angle Advisors has announced that Angstrom Automotive Group LLC has acquired Engineering Tube Specialties Inc. (ETS). Angle Advisors acted as the exclusive investment banking advisor to ETS in completing this transaction.
Founded in 1974 and based in Ortonville, Michigan, ETS is a full-service Tier 1 supplier of steel tubular assemblies to the automotive industry. ETS specializes in difficult-to-process tubular fabrications and assemblies, primarily for propulsion system applications. The company’s products meet demanding standards, examples of which include engine coolant and air bleed tubes, turbocharger coolant feed tubes, heater inlet and outlet tubes, and water pump inlet tubes. ETS primarily focuses on complex, low- to medium-volume programs, and maintains the ability to serve high-volume programs that exceed 1 million units annually.
“I am very happy to be able to find a partner like Angstrom to take the reins of ETS. We have experienced tremendous growth over the last two years and I am confident that Angstrom is extremely well-suited to continue that growth into the future. Importantly, they are maintaining the business in the existing facilities, which provides stability and opportunity for our existing employees in an area that has had its share of job losses in the past,” said Bill Brothers, president and sole shareholder of ETS. “We are appreciative that Angstrom shared the same commitment to close the transaction as smoothly and efficiently as possible. Also, I would like to express my appreciation for the hard work and commitment from the team at Angle Advisors. We had some unique challenges in this transaction and the experience and knowledge of the Angle team was invaluable to getting an excellent result.”
Nagesh Palakurthi, president and CEO of Angstrom, said, “The addition of ETS provides us with a key element in our growth strategy. The presence of ETS in the critical propulsion segment, particularly on key engine programs, is a great complement to the capabilities throughout the Automotive Group at Angstrom. In addition, ETS has established deep customer relationships that we are excited to be able to continue forward with and expand. We have a proud history with tubular components and assemblies at Angstrom, so we are quite pleased to have the skilled employee base of ETS join the Angstrom Automotive Group.”
