We are pleased to share the sale of our client Absolute Machine & Tooling, LLC to ReNEW Partners, LLC. The transaction closed on July 31, 2023.
Absolute Machine & Tooling (AMT), located in Leander, Texas, operates a build-to-print precision machine shop that primarily manufactures semiconductor components and has CNC machines.
The company also serves a variety of other customer markets, such as the oil and gas, medical, aerospace, and automotive sectors. AMT operates a 15,000-square-foot manufacturing and office facility in Leander.
Prior to the transaction, Absolute Machine & Tooling was wholly owned by John “Van” Witbeck, who operated as the President of the business. Going forward, Brent Witbeck will be the new President at AMT, while John Witbeck will be a consultant and advisor.
Located in Atlanta, Georgia, ReNEW Partners (ReNEW) is building a new and innovative future for family businesses while preserving tradition, serving communities, and taking care of employees.
ReNEW’s mission is to provide the future every company deserves. They understand it's not easy for an entrepreneur to sell the business they have built. ReNEW Partners works alongside entrepreneurs to preserve family legacies and expand opportunities for each acquired business and their employees.
ReNEW isn’t a typical private equity or search fund. They use their operational know-how to build businesses for the long term. ReNEW is currently focused on acquiring machining and fabrication companies as well as niche industrial manufacturers.
Cres Ferrell, Managing Partner, and Mike Bouchard, Managing Partner, led the transaction on the ReNEW Partners side.
Cres Ferrell said, “From the moment we met Van and toured the facility, we knew AMT was something special. Van has built a great company and we look forward to continuing his mission and building on a strong foundation to drive market share growth at AMT. AMT is the second company we have acquired this year to bring a broader set of capabilities to our existing customers.”
Mike Bouchard stated, “Working with Don and Generational Equity to complete the transaction made the acquisition process run smoothly and we were able to close on the deadline we set forth in our initial offer. The ability to maintain strong existing management was a large part of our thesis and we are excited to have Brent join the growing team of managers we are assembling to better serve our customers.”
Don Ho, Managing Director Mergers & Acquisitions with Generational Equity, was the lead dealmaker that successfully closed the transaction. Don Ho was supported by Executive Managing Director of M&A – Central Region, Michael Goss, and Vice President, M&A, Lance Thomasson. Senior Managing Director DeWayne Nelon established the initial relationship with AMT.
“Van has been running Absolute Machine & Tooling for more than 25 years and it was important to him that we found the right buyer that would take care of his customers and staff, as well as the legacy and culture of the business. We are so honored to be able to help Van achieve his goal of finding the right steward that will continue growing the business while prioritizing the customer and employee relationships,” said Mr. Ho.
Mr. Ho added, “With this M&A transaction, we believe ReNEW Partners will help accelerate Absolute Machine & Tooling’s growth and further improve operations so that AMT becomes one of the leading precision machine shops in Texas. Additionally, this transaction will create new opportunities for its staff, while also expanding capabilities and services for its customers.”
Van Witbeck said “We’re so excited about the transaction with ReNEW Partners and what they could do with the business. We had dozens of candidates interested, but it was clear to me that ReNEW Partners was the best acquirer for AMT.”
Van added, “I’m so thankful to have Generational Equity, specifically Don Ho with support from Lance Thomasson, represent AMT in the market. Their experience and expertise were vital to the successful completion of selling my business.”
If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Manufacturing & Fabrication M&A Deals page.
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