DALLAS-July 30, 2012–()–Treadstone Partners, LLC, has sold its controlling interest in Advanced Joining Technologies (AJT), a specialty engineering company, to an undisclosed strategic buyer in a transaction that generated industry leading returns. Treadstone was advised on the transaction by PPHB, the Houston-based energy investment banking firm, and Solomon Minton Cardinal in San Diego served as counsel. Treadstone and a group of co-investors acquired their interests in AJT in late 2005.
Advanced Joining Technologies is a California-based commercial engineering firm that has developed a strong market presence in the production welding of aluminum alloys. Utilizing the revolutionary friction stir welding process, AJT has become a global leader in the application of next generation material combinations. The company is a supplier to customers in the oil and gas, marine, aerospace and military sectors.
“This was a win-win for all parties,” said Steve Massanelli, a Principal of Treadstone. “We are extremely pleased with the return on our investment. The buyer has purchased an entity that should complement its industry leadership and the AJT team will reap the benefits of being part of a strong and diversified organization.”
Added Massanelli, “Partnering with the leadership of AJT, at basically the second stage of funding, and being part of such a success story was rewarding. We are grateful for the six-year collaboration with the AJT team and look forward to making other such investments in the future.”
About Treadstone Partners
Treadstone Partners is a Dallas-based private investment firm that seeks innovative special situation investments with companies in the lower middle-market. Investments are made across the capital structure and range from controlling equity interests to discounted bank debt. Primary focus is directed towards economic dislocations and other event-driven developments. Investments have been made in more than 35 states plus the U.S. Virgin Islands. (www.treadstone.com)
About PPHB
PPHB is an independent investment banking firm focused exclusively on the energy service industry. Founded in 2003 by partners with both industry and investment banking experience, the firm has advised many of the leading companies and private equity firms in the industry. (www.pphb.com)
About Solomon Minton Cardinal
Solomon Minton Cardinal is a boutique transactional law firm that provides comprehensive legal services to a diverse spectrum of corporate clients and entrepreneurs from inception to sale. The firm is based in San Diego, California. (www.smclawoffices.com)