Mill Rock Capital, a growth and operations oriented private investment firm, announced today that it has made a strategic growth investment in DRT Holdings, Inc., a leading manufacturer of specialized components, precision tools and container systems. Mill Rock's investment will support the company's operational and commercial growth. Financial terms of the transaction were not disclosed.
DRT focuses on highly complex and technically demanding machining applications in three operating segments: Container, Aerospace and Precision. The company operates ten facilities across the United States and Europe with state-of-the-art manufacturing equipment. DRT leverages specialized engineering know-how, deep market expertise, experienced technical teams, and sophisticated resource planning systems to meet the precision manufacturing requirements of its customers. The company's comprehensive suite of products and services supports customers in industries and applications where high quality, technical expertise, reliable lead times and regulatory compliance are foundational requirements.
"DRT's core value proposition of highly complex machining capabilities and superior customer service is more important than ever, and we look forward to expanding DRT's product and service offerings to our loyal customer base. Our partnership with Mill Rock provides the strategic resources and financial strength necessary to meet our customers' expanding needs," said DRT's Chief Executive Officer Gary Van Gundy. "We are excited to enhance our investment in DRT's breadth of operational and technological capabilities to support our commercial growth vision," stated DRT's President and Chief Operating Officer Greg Martin.
"DRT has a storied history of delivering high-value manufacturing solutions to its base of blue-chip customers, and we see an opportunity to accelerate growth in each of the company's business segments and further support its customers around the world," said incoming Executive Chairman and Mill Rock Senior Advisor Geoff Greulich. "We look forward to our partnership with Gary, Greg, and the entire DRT team."
"We will continue to build on DRT's strong foundation of technical capability and track record of growth across the three segments," said Eric Byun, incoming Vice Chairman and Senior Partner at Mill Rock. "Within aerospace specifically, at a time when supply chain is challenged, we will also focus on growth and position DRT as the gold standard by supporting our customer base and expanding our suite of manufacturing and service capabilities."
Sharma Rao, a Senior Principal at Mill Rock, will be joining DRT's board of directors and will focus on commercial expansion and growth across DRT's aerospace segment. In addition to Messrs. Byun, Greulich and Rao, Jeffrey Long, Adi Pekmezovic, Christopher Whalen and Joseph Yorio of Mill Rock have joined DRT's board of directors.
Credit Suisse Securities (USA) LLC, Alvarez & Marsal Transaction Advisory Group and Covington & Burling LLP advised Mill Rock Capital on the transaction. Deloitte Corporate Finance LLC and Coolidge Wall LLP advised DRT.
ABOUT DRT HOLDINGS, INC.
Founded in 1949 as the Dayton Reliable Tool & Mfg. Co., DRT Holdings, Inc. is a manufacturer and supplier of precision tools and specialized components to a wide variety of end markets organized in three business segments: Container, Aerospace and Precision. Container is the original developer of easy-open ("pull-top") ends principally used in food and beverage cans and continues to be one of the world's leading providers of equipment, aftermarket parts and services utilized in can production. Aerospace is a manufacturer of precision-machined parts for commercial and military aircraft, commercial space and land-based industrial gas turbine engines. Precision machines components for various industries, including medical imaging equipment, plastic injection molding and building products. DRT provides value-added services to supplement its core precision machining capabilities, including extensive engineering resources and design-for-manufacturability capabilities, go-to-market support and systems integration. The company currently operates ten locations in the United States and Europe. For more information, please visit https://drtmfgco.com/.
ABOUT MILL ROCK CAPITAL
Great Mill Rock LLC dba Mill Rock Capital is a growth and operations oriented private investment firm that invests in well-positioned middle market industrial businesses in North America. Founded by Christopher Whalen and Adi Pekmezovic, Mill Rock Capital is purpose-built to invest in family-owned businesses, owner-operators and founder-led companies across six industry verticals. Focus sectors include chemicals, materials and packaging; industrial distribution; services; metals and engineered materials; transportation and logistics; and specialty manufacturing. This strategy leverages the deep expertise of the firm's principals, a majority of whom have direct operating experience in these same industries. Mill Rock Capital supports business transformation through a dual-sourcing strategy encompassing majority equity and Activ Capital® – debt, senior equity or hybrid investments which provide business owners value-added financial partnership without relinquishing a controlling stake. For more information, please visit https://millrock-cap.com/.
