MCM Capital Acquires Andover Corporation
Cleveland, OH – MCM Capital Partners (“MCM”), a micro-cap private equity firm based in Cleveland, Ohio is pleased to announce the majority acquisition of Andover Corp. (“Andover” or the “Company”). Andover, based in Salem, NH, is a leading manufacturer of highly engineered, thin film optical coatings and filters for aerospace and defense, semiconductor, environmental, medical device, astronomy and instrumentation industries globally.
Established in 1978, Andover has developed in-house integrated capabilities from prototype design through glass fabrication, coating, testing and assembly. Andover’s technical experience, proprietary technology and coating capabilities provide the Company the ability to design and manufacture unique filters and coatings solving their customers most difficult optic problems.
MCM partnered with Andover’s current President Mr. John Cotton and the executive management team to affect the transaction. Mr. Cotton, commented, “After my co-founder, Richard Bennett passed away, we recognized the importance of developing a succession plan that would ensure the longevity of Andover for our customers, vendors and most importantly, our wonderful employees. After conducting a thoughtful and thorough search process, we have found, in MCM, a great partner that will support our long-standing management team, help Andover improve its service levels, expand our capabilities and ultimately refine our strategic direction in the market.”
MCM Principal, Bobby Kingsbury, who led the transaction on behalf of MCM, stated, “Andover is a perfect fit with MCM’s investment focus, with proprietary technology in thin film optical coatings, a large market opportunity in growing industries and a cultural focus of exceptional quality and customer service. We look forward to bringing our expertise to bear, working alongside John and the rest of the Andover team.”
MCM Senior Operating Partner and recently appointed Chairman and CEO of Andover, Mr. Harry Shimp, commented, “Andover fits the mold of MCM’s most successful acquisitions. I am favorably impressed with the proprietary technology and talented people at Andover Corporation.” Mr Shimp continued, “The management team has a good mix of youthful enthusiasm and experience, are open to new initiatives and extremely motivated. I’m excited to begin working with the team and building upon the Company’s solid foundation to drive outsized growth.”
Andover is the fifth platform investment in MCM Capital Partners III.
Learn more about MCM’s Engineered Products and Components experience and investment thesis by clicking here.