IAG Is Happy To Announce The Successful Sale of Our Client Machine Worx in Cincinnati, Ohio!
Machine Worx of Cincinnati is a specialized machine shop serving industrial clients all over the state of Ohio.
We have an 18,000 square foot building with 5 ton-20’ overhead cranes. Typical projects include access towers, catwalks, safety rails, machine guards, all kinds of machine parts and repairs, fixtures, prototypes, machine rebuilds and new machines.
Turing work to 73” diameters, 12’ long lathe x 32” swing, DeVieg jigmills, complete welding facilities, and a full compliment of support equipment including Bridgeport mills, tool room lathes, etc.
Conveniently located at the intersection of I-75 &I-275 in Woodlawn, we are three minutes off the interstate.
Here is what our transaction advisor had to say:
Michele Wasson, the Controller for NCT Technologies Group, completed an NDA on 2/24/21, and served as the main point of contact. We discussed NCT Technologies acquisition interest and goals. The CEO bought NCT Technologies from his father in 1985 and grew the company from one shop and 5 employees to six facilities and 95 employees. The owner was looking to further expand his operation by buying a synergistic machining operation. After reviewing Machine Worx business and financial information and visiting its operation, the CEO and his manager determined Machine Worx’s facility could easily support their expansion goals and provide access to new industrial clients for their services.
NCT Technologies presented an LOI on 3/12/21 and Machine Worx returned a signed an updated LOI on 3/16/21, after which buyer due diligence began. The buyer presented an APA to Cy Binne on 4/26/21 and he return the updated and signed document on 5/6/21. Originally, the Drew Flora, the CEO, planned on buying the business and property as an all-cash transaction but later decided to finance the property purchase through his bank. So, the buyer ordered an environmental inspection, testing and appraisal on the property and facility. Instead of a targeted end of May close, the date was pushed back to June. The first closing date, 6/11/21 was pushed back to 6/18/21 when the bank requested additional documentation from NCT Technologies.
“IAG worked hard and got the deal done and we are forever thankful!”
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