ARCH Global Precision (“ARCH”), a Strength Capital Partners and Main Post Partners platform company that is focused on manufacturing precision cutting tools, precision machined industrial components and medical implants and instruments has acquired Competitive Carbide, Inc. (“CCI”), located in Mentor, Ohio. CCI is a manufacturer of customized solid carbide drills, end mills, reamers, indexable tools and custom inserts. Additionally, CCI manufactures Polycrystalline Diamond (“PCD”) tipped tools and inserts, which is a new product offering for the ARCH Cutting Tools segment.
“We are very pleased to announce the acquisition of CCI, as this acquisition further broadens ARCH’s cutting tool product offering. Specifically, the transaction expands our offering of custom indexable tooling, coolant through carbide drills, and adds significant experience in PCD tooling capabilities. In addition, CCI brings an experienced and highly technical engineering team that provides quick turnaround custom tooling solutions,” commented Jeff Cederstrom, ARCH Global Precision Divisional President of Cutting Tools. “Adding CCI’s PCD tooling capabilities fills a product gap within our broad product offering, and supports our ongoing strategy of providing a one-stop solution to our customers for all of their cutting tool needs. Separately, in late 2018 CCI took occupancy of a new state-of-art custom facility adjacent to its primary facility. The new facility, along with recent significant capital investments, adds incremental capacity to support the growing needs of our customers and will help facilitate CCI’s next stage of growth,” concluded Mr. Cederstrom.
Tom Cirino, the former owner and continuing President of CCI, commented, “I am excited to announce the sale of Competitive Carbide to ARCH. In choosing an acquirer to sell the company to, it was important to identify a buyer who understood our business, had good cultural alignment and who was committed to the continued growth of CCI. Having stayed in contact with Jeff and the ARCH team over the last several years, I was confident ARCH was the ideal buyer for CCI and its employees.” Mr. Cirino will continue in his current role as President of CCI during the next stage of growth under ARCH’s ownership.