ALBION — Shipston Equity Holdings LLC has acquired a majority ownership stake in Busche Enterprise Division Inc., which President and CEO Nick Busche said will help the Albion-based company’s future growth plans.
No personnel or leadership changes are expected as a result of the deal announced Monday. Busche Enterprise Division employs about 590 at its Indiana operations and another 70 in Alabama, Nick Busche said.
Terms of the transaction were not disclosed.
Founded in 1997 by Nick Busche, Busche Enterprise Division focuses on computer numerical control production machining for automotive, agricultural, construction and industrial customers. It also offers project management integration of customized workholding solutions, according to an announcement.
Shipston Equity is part of Bahamas-based Shipston Group Ltd., which is majority owned by Chairman and CEO Michael Dingman. The former chairman and CEO of the Henley Group, which went through a then-record $1.2 billion initial public offering in 1986, and a former director at Ford Motor Co. and Time Warner Inc., Dingman launched Shipston Group with other investors. The private-equity company has primarily invested in Russian and Chinese ventures.
Under the deal that closed Friday, Dingman will be majority owner of Busche Enterprise Division, and Nick Busche will continue as president and CEO.
“He definitely is the right partner for me right now,” Nick Busche said of Dingman.
“We are fortunate to partner with Nick and his entire management team in the next phase of growth with this tremendous company,” Dingman said in an announcement. “We share fundamental principles in valuing employees, customers and suppliers. Under Nick’s continuing leadership, we intend to pursue an aggressive expansion for the long term support of our customers.
“On the broader front, I see growth opportunities that are very similar to those that I experienced with the Henley Group, empowering topflight operational management with substantial equity firepower and proper financial expertise, which will really allow Busche to make waves across the sector.”
Nick Busche said Busche Enterprise Division had been looking for financial partners for a few years, and he was introduced to Shipston Group in February. With its backing, Busche Enterprise Division can focus on growth — through its existing business and through potential acquisitions.
“That’s all it’s about,” Nick Busche said of the deal. “It’s definitely putting the nitro in the gas tank.”
He said employment at Busche Enterprise Division’s Hartselle, Alabama, facility is expected to double over the next year. He also said the company is looking at opening another Indiana facility.
Other private-equity investors involved in the deal were ORIX USA, Oakmont Group and Shea Ventures. Senior financing was provided through Comerica Bank.