Speyside Equity Fund I LP, a New York-based private-equity group, acquired Ashland Foundry and Machine Works Inc., a specialty steel foundry in eastern Pennsylvania. The foundry specializes in pump component and assemblies, for chemicals, mining, water, and industrial markets. The seller was Michael Bargani, an investor who also is listed as the owner of several other metalcasting businesses. The value of the purchase was not announced.
In business since 1881, the Pennsylvania foundry will be known now as Ashland Foundry & Machine Works LLC. According to a local report, all 140 employees have been retained.
Speyside Equity is also the owner of Alcast Corp., Dalton Corp., Pacific Steel Castings, and Sawbrook Steel Castings. It has a range of other holdings in manufacturing, fabricating, specialty chemicals, and food ingredients businesses.
Ashland Foundry & Machine Works produces steel, chrome iron, and high-alloy steel castings in complex designs, in sizes from 50 to 7,500 lb., mainly for pump manufacturers. Its capabilities include process simulation, patternmaking coremaking and no-bake molding, coreless induction melting and AOD treatment. Finished castings may be heat-treated and fully machined. The operation also offers assembly for complex parts. It reportedly also has 3D printing capabilities.
Simultaneously acquired by Speyside were West Coast Stainless Products and Dynatek Inc. both in Huntington Park, CA. West Coast Stainless Products manufactures impellers for pump manufacturing in various specialty steel alloys. Dynatek performs turning, boring, and other machining services, as well as polishing and pressure testing.
“Ashland and West Coast provide a fully machined solution to their customers from optimum geographic locations on the East and West coasts,” according to a statement by Jeffrey Stone, managing director for Speyside. “These businesses offer a fuller suite of solutions, both alloys and capabilities, for our existing portfolio foundries as well as entry into new end markets. We are confident in a strong and sustainable future for Ashland, West Coast and Dynatek."