Promus Equity Partners Announces the Acquisition of QCC, LLC
Chicago, Illinois, April 23, 2012– Promus Equity Partners, LLC (“Promus”), headquartered in Chicago, IL, is pleased to announce the acquisition of QCC, LLC of Harwood Heights, Illinois. As part of the transaction, Quality Control Corp has been renamed QCC, LLC, and will continue to operate independently under the same leadership team.
QCC was founded in 1951 by the late Richard C. Michalek and has remained in the ownership of his family until now. QCC is a leading manufacturing services provider supporting market-leading companies such as Sauer-Danfoss, Parker Hannifin and Woodward, Inc. With its focus on precision machining and assembly, QCC allows original equipment manufacturers of hydraulics, fluid power and aerospace products to focus on their primary product lines and core competencies by outsourcing non-core or legacy-stage manufacturing and assembly requirements. QCC has proven their ability to manage complex manufacturing and supply chain logistics with exceptional quality, delivery and customer service.
Jeff King, Auto Meter’s President and CEO, said, “Since the beginning, Auto Meter has provided first-to-market solutions for a diverse group of automotive professionals and enthusiasts. Our leading technology resonates with our customers and builds brand loyalty.”
Sarah Wuellner, a partner at Promus, said “We are thrilled to become partners with Greg Willard and the entire QCC team. Among the many notable attributes of the company, we are especially impressed with their strong customer relationships and the proven capabilities of the management team and workforce.”
This transaction marks the third investment by Promus Equity Partners in the past twelve months. “We are excited with the number of great opportunities we have seen and believe that this is an ideal time to be investing in the economic recovery” remarked Wuellner.
Grace Equity, an independent sponsor based in Chicago, partnered with Promus to complete the transaction. Aldine Capital and First Capital Partners provided mezzanine debt and participated in the equity investment. Cole Taylor provided a senior credit facility. Terms of the investment were not disclosed.
For more information on this acquisition, please contact Sarah Wuellner or Mike Weaver.
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