Dunn is a portfolio company of Connecticut-based Gridiron Capital, a private equity firm. Gridiron bought Dunn in August when the Nex-Tech deal was already in the works.
“We thought it would be a great fit,” Gridiron managing director Geoffrey Spillane says of following through with the Nex-Tech acquisition.
He says Dunn and Nex-Tech, formerly Thayer Aerospace, are similar businesses.
“They also do precision machine components and assemblies and kits for the aerospace industry,” Spillane says. “We intend, frankly, to grow both businesses.”
He says there won’t be changes at Nex-Tech, which is at 4201 S. 119th St. West, and there are no plans to move the company from Wichita.
The acquisition is of Nex-Tech’s machining division only. Nex-Tech Processing, which also is based in Wichita, is not part of the deal.
Spillane won’t discuss Nex-Tech’s size.
“It is a very substantial supplier to the aerospace industry,” he says.
According to 2010 numbers provided by the Greater Wichita Economic Development Coalition, the company retained 150 employees and planned to add 85 new jobs averaging $42,640 over three years.
“We target businesses that are very strong in their markets and have good management teams,” Spillane says. “We felt that Nex-Tech definitely fit that criteria.”
Gridiron also is an investor in Wichita’s Apex Engineering International.
Spillane says Gridiron is all about boosting businesses, not changing them.
“We do investment in businesses to help the management teams grow them and become very, very strong players in their markets.”