Weinberg Capital Group (WCG) has partnered with The Riverside Company (Riverside) and Hicks Equity Partners (Hicks) to acquire Overton Chicago Gear Corporation (Overton), a manufacturer and distributor of large diameter, precision gears serving the wind power, energy exploration, mining, locomotive, marine, steel, and steel processing industries. Overton is the first acquisition for H-D Advanced Manufacturing Company, a holding company formed by the partners to specialize in a wide variety of heavy-duty, precision-engineered parts.
With a history dating to 1888, Overton has built a global reputation for quality by meeting the demands of challenging industries. Customers within these industries require high-precision parts that are durable and reliable enough to withstand harsh operating environments. Overton designs and manufactures custom helical, spur, herringbone, bevels, double enveloping worm, and other open or loose gears as well as gearboxes. The company employs more than 200 people at three manufacturing facilities in the Chicago area.
Based in Pittsburgh, H-D Advanced Manufacturing will be led by CEO Christopher DiSantis and CFO Dale Mikus. Mr. DiSantis brings 20 years of industrial management experience, most recently as CEO and president of Latrobe Specialty Metals. Mr. DiSantis also served as president and COO of Hawk Corporation. At Hawk Corporation, Mr. DiSantis partnered with WCG principal Ronald E. Weinberg to build a global manufacturer of friction products for brakes, clutches, and transmissions used in airplanes, trucks, construction and mining equipment, farm equipment, and recreational and performance automotive vehicles. In 1998 Hawk was taken public on the New York Stock Exchange trading under the symbol HWK. After more than 20 years of successful operation, Hawk was sold to Carlisle Companies, Inc. (NYSE: CSL) in December 2010 for $413 million.
“We are very pleased to once again be partnering with Chris DiSantis,” stated Chip Weinberg, managing director & principal at WCG. “Overton is a world class company and an excellent initial platform. Under Chris’ leadership and with the assistance of our other partners, we look forward to building a global leader in the precision machining of parts for extreme operating environments,” added Mr. Weinberg.
WCG, Riverside, and Hicks are actively seeking add-on opportunities for H-D Advanced Manufacturing in the gearing industry and within other heavy duty, precision-engineered component sectors. For more information, visit www.weinbergcap.com or www.oc-gear.com, or call 630-543-9570.
