NOVI, Mich. – (December 21, 2021) – Pace Industries, LLC (“Pace”) completed the divestiture of its Patterson Mold and Tool (“Patterson”) operation in St Charles, Missouri to Capital For Business, Inc (“CFB”).
“The sale of Patterson is in line with, and completes our strategy of divesting our tool and die operations. Our quest for operational excellence must include a focus on our core competencies of die casting and machining, and this step allows for further reinvestment into our core assets for expanded capabilities, capacity and footprint,” said Vince Marino, Chief Strategy Officer of Pace Industries.
“Patterson is a strong business and quality supplier in the mold and tooling industry. Under the name Patterson Mold and Tool, LLC, Patterson will continue to be a strategic supplier of tooling to Pace Industries,” said Donald Hampton Jr., Chief Executive Officer of Pace Industries. “We are very excited for the associates of Patterson. We have turned the operation over to a financial buyer committed to investing and providing excellent opportunities for growth for the associates. Pace has had a relationship with Patterson spanning three decades. We will be leaving personal friendships and wish them all the very best” Hampton concluded.
CFB, headquartered in St. Louis, Missouri, is a middle market private equity firm, singularly focused on industrial growth company investment opportunities, with a nationwide footprint of 33 portfolio companies, generating more than $675 million in annual revenue and employing more than 2,700 employees.
For additional information, visit: www.paceind.com.
About Pace Industries, LLC
Headquartered in Novi, Michigan, Pace Industries is North America’s largest high-pressure aluminum, magnesium and zinc die casting company. Strategically located throughout North America, Pace operates a diverse manufacturing footprint with 17 manufacturing locations across the US and Mexico. Pace offers a wide array of services and capabilities to customers across numerous markets including: automotive, commercial vehicle, powersports, lighting, lawn and garden, appliance, aerospace, defense, medical, and other industries. For more information about Pace Industries, please visit www.paceind.com.