Andover Corporation (“Andover”) announced that it has been acquired by MCM Capital Partners (“MCM”). This transaction is the successful culmination of an initiative led by Peloton Advisory LLC to identify an investor that would replace the majority estate ownership and support the long-time management in their continued growth of the business.
Founded in 1978 and based in Salem, New Hampshire, Andover is a leading designer and manufacturer of high-quality, low to medium volume optical filters and coatings for military/defense, environmental, scientific and medical applications across the globe. Andover has a reputation in the industry for exceptional quality which is due to its vertical integration from design & engineering, to glass fabrication, polishing and coating through proprietary coating chambers to, final assembly and a comprehensive quality verification process. Andover’s products can be found on Boeing aircraft, the Joint Strike Fighter, Apache helicopters, gas sensing equipment and satellites, to name just a few platforms.
John Cotton III, President & CEO, commented, “After my co-founder Richard Bennett passed away, we recognized the importance of developing a succession plan that would ensure the longevity of Andover for our customers, vendors and most importantly, our wonderful employees. After conducting a thoughtful and thorough search process, we have found, in MCM, a great partner that will support our long-standing management team, help expand our reach and capabilities and continue our tradition of providing high quality optical coatings and filters to our strong customer base.”
MCM Principal, Bobby Kingsbury, led the transaction on behalf of the firm. Mr. Kingsbury stated, “Andover is a perfect fit with MCM’s investment focus, with proprietary technology in thin film optical coatings, a large market opportunity in growing industries and a cultural focus of exceptional quality and customer service. We look forward to bringing our expertise to bear, working alongside John and the rest of the Andover team.”
MCM Capital Partners is a microcap private equity firm focused on acquiring niche manufacturers, value added distributors and specialty service companies generating up to $75 million in annual revenues and having enterprise values up to $50 million.
Peloton Advisory LLC provides M&A and business advisory services to highly successful, privately owned entrepreneurial companies and their owners.