Valence Surface Technologies Acquires Fountain Plating in Massachusetts
THE WOODLANDS, Texas, February 14, 2020─ Valence Surface Technologies LLC (“Valence”) is pleased to announce the acquisition of Fountain Plating Co., Inc. (“Fountain” or the “Company”), the leader in product finishing services for aircraft engine and critical components for the aerospace and defense industry in the Northeast region of North America. Fountain, located in Springfield, Massachusetts, maintains Nadcap and AS9100 accreditations along with extensive approvals supporting key engine manufacturers and A&D primes such as Pratt and Whitney, GE, Rolls Royce, Collins/UTC, Sikorsky, and Lockheed Martin. The acquisition is a strategic move by Valence to expand its multi-regional footprint and enhance its position on targeted growth platforms in aerospace and defense.
Founded in 1944 by Lawrence Fountain, the Company has built a reputation for over seventy-five years as the leader in quality, lead times, and highly differentiated product finishing solutions including non-destructive testing (NDT), chemical processing, specialized plating, spray coatings, and other value-added services such as bonding, CMM, and light assembly. By continually investing in new capabilities, capacity expansion, and its dedicated workforce, Fountain is well-positioned to continue growing with its global customer base on key aerospace programs.
With the acquisition of Fountain, Valence continues to execute its customer-focused strategy to improve the aerospace and defense supply chain by creating an integrated platform offering full-service product finishing solutions with industry-leading quality and lead times. “We are extremely excited to bring Fountain Plating into the Valence family. Fountain’s focus on providing engineered solutions on mission-critical components and its history of investing in new technologies and employee development is a perfect fit for the Valence platform,” said Tracy Glende, CEO of Valence. Tim Mickael, EVP Corporate Development, added, “Fountain represents a key part of our strategy to grow our footprint in the Northeast and expand our service offering for complex engine, landing gear, airframe, and electronics components.”
As part of the transaction, Fountain’s existing management team and workforce will remain with the organization. Nicole and Dexter Fountain, third-generation owners of the business, will remain in their current roles and continue their focus on growing the company. Nicole Fountain stated, “The Fountain family is proud to entrust our company to Valence. As the largest independent product finishing company, they understand our business and are the ideal partner to drive our long-term success.”
Valence is majority-owned by ATL Partners (“ATL”) and British Columbia Investment Management Corporation (“BCI”) who invested in Valence in June 2019 to accelerate Valence’s strategic initiatives and support its continued growth. Fountain represents the eighth add-on acquisition for Valence since inception, and the company will continue to pursue attractive M&A opportunities in both North America and Europe.
Valence Surface Technologies is the world’s largest independent provider of aerospace and defense finishing services. Valence operates twelve facilities in key aerospace and defense manufacturing regions and maintains over 3,500 unique industry approvals. Valence services over 3,000 customers across the globe and supports all major growth programs across the commercial aerospace, defense, space, and satellite markets.
About ATL Partners
Founded in 2014, ATL Partners is a premier sector-focused private equity firm that invests in aerospace, transportation and logistics companies. ATL brings deep sector expertise to its investment approach with nine investment professionals and six Executive Board members who have decades of combined operating experience in each of ATL’s core sectors. For more information about ATL Partners, visit www.atlpartners.com
With C$153.4 billion of managed assets, British Columbia Investment Management Corporation is a leading provider of investment management services to British Columbia’s public sector and one of Canada’s largest asset managers. BCI generates investment returns that help our institutional clients build a financially secure future. BCI maintains a global outlook and seeks investment opportunities that convert savings into productive capital that meet our clients’ risk/return requirements over time. BCI’s private equity program, valued at C$13.0 billion, is focused on direct investments in industrials, technology, consumer/retail, healthcare, as well as financial and business services. For more information about BCI, please visit www.bci.ca.