DeLand manufacturer RM2 International Inc. — doing business as ARC Group Worldwide Inc. (OTC: ARCK) — was bought by Staunton, Virginia-based Cadence Inc.
Terms of the deal were not disclosed.
Executives with ARC Group Worldwide and Cadence couldn't be reached for comment by press time.
ARC Group specializes in metal injection molding and cleanroom plastic injection molding, while Cadence provides contract manufacturing services to the medical industry.
A news release described the acquisition as a strategic move that adds to Cadence’s global suite of services. In a prepared statement, Cadence CEO Rob Werge said leveraging ARC’s expertise in precision metal injection molding to the medical companies Cadence serves will benefit clients at every step in their lifecycles, from early-stage development to scaled manufacturing.
In manufacturing, metal injection molding is referred to as MIM. The process is similar to plastic injection technology, but instead of using plastic materials such as polypropylene or polycarbonate, it uses a metal and thermoplastics to create components that are geometrically complex. The advantage, according to the Cadence news release, is that it costs significantly less than other approaches like machining, stamping and casting.
Before the acquisition, ARC Group’s principal shareholders were Richard Cashin of One Equity Partners LLC, QRM2 Holdings Ltd., Polygon Global Partners LLP, PMB Invest Fund I SCSp and R. Ian Molson, a private investor.
ARC Group changed its legal name to RM2 International earlier this year after a merger, according to a news release and subsequent SunBiz filing.
In addition to its Virginia offices, Cadence has locations in Florida, Connecticut, Pennsylvania, Rhode Island, Wisconsin and Costa Rica.
Other recent M&A deals affecting Central Florida include.
- Orlando simulation company Advanced IT Concepts LLC (AITC) was acquired by Rockville, Maryland-based private equity firm Fvlcrum.
- Sanford-based Sunniland Corp. was acquired by SRS McKinney, Texas-based Distribution Inc.
- Orlando-based Traffic & Mobility Consultants was acquired by West Palm Beach-based Grovecourt Capital Partners.
ARC Group Worldwide Inc.
- Top executive: CEO Jedidiah D. Rust
- Founded: 1987
- Location: 810 Flightline Blvd., DeLand 32724
- Employees: 67
- Contact: arcw.com
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