Shipston Equity to buy Busche Enterprise Division
Busche specializes in precision production machining for automotive, agriculture, construction and industrial markets. The company also provides project management integration of customized workholding solutions. Founded in 1997 by Nick A. Busche, the company employs 650 people at manufacturing operations in Indianaand Alabama.
Shipston chairman and CEO Michael Dingman, the majority shareholder, is a leading international industrialist known largely for his accomplishments in forming and leading several diversified companies. In addition, he has served on numerous boards, most notably Ford Motor Company for 23 years.
"We are fortunate to partner with Nick and his entire management team in the next phase of growth with this tremendous company," Dingman said.
"We share fundamental principles in valuing employees, customers and suppliers. Under Nick's continuing leadership, we intend to pursue an aggressive expansion for the long term support of our customers. On the broader front, I see growth opportunities that are very similar to those that I experienced with the Henley Group, empowering topflight operational management with substantial equity firepower, and proper financial expertise, which will really allow Busche to makes waves across the sector."
Under the agreement, Dingman will be majority shareholder, while Busche will continue as CEO and president of Busche.
"I'm very pleased to be joining Shipston," Busche said. "Our values are closely aligned and our focus on long term operating fundamentals and growth makes a really powerful combination. Now, under the Shipston umbrella, plans are a foot to make substantial commitments to increasing capacity and work has already begun on significant expansion in Indiana and elsewhere. All of this will allow Busche to continue to grow as an industry leader."
Dingman also named financial partners as key to the acquisition and future growth of the company, citing ORIX Americas, Oakmont Group, and Shea Ventures. Senior financing was provided by Comerica Bank, which has a long history across the manufacturing sector. Reed Smith LLP was legal counsel to Shipston in this transaction.
Dingman is well-known for success founding growth companies, including the Henley Group, Fisher Scientific, Allied Signal, Signal, and Wheelabrator Frye. The Henley Group was founded through an IPO, the largest of its time, and the company's operating units, widely known as "Dingman's Dogs," achieved notable success. ■