ELMHURST, Il, November 1, 2023 – Adams Magnetic Products, a custom manufacturer, fabricator, and distributor of all types of permanent magnets, magnetic assemblies, and devices, announced today that it has been acquired by High Street Capital, a Chicago-based private equity firm. Financial terms of the deal were not disclosed.
While current owners Scott Lewis and family continue to own a significant percent of the business, this partnership provides the additional resources necessary for Adams to execute its vision, which includes the improved technology, ongoing innovation, and expanded infrastructure necessary to better serve its customers and expand its market share. With the High Street Capital agreement in place, Lewis will transition to a key role on Adams’ Board of Directors.
“We’re excited to be teaming up with High Street, who stood out in our extensive search for an investment partner aligned with our values, promises, and growth objectives,” said Lewis.
Founded by business owners and with a nearly three decade-long history in business, High Street Capital is comprised of experienced professionals passionate about growing the American workforce through solid partnerships, shared values, and meaningful support. They will work closely with Adams to provide expertise, resources, and networks needed to achieve its growth objectives.
“We are thrilled to be partnering with Adams, as it is a compelling fit for our investment strategy given its strong competitive advantages, commitment to customer satisfaction, and numerous opportunities for breakout growth,” said Timothy J. Kurth, Partner at High Street Capital. “High Street was impressed by the high caliber of Adams’ management team and looks forward to working with them to build value for all of the company’s stakeholders, including its customers, suppliers, employees, and community.”
Adams Magnetic Products will retain its current name and will continue to be based at its 40,000 SF facility in Elmhurst, IL and will maintain its locations in Kentucky, New York, and California. John Maisch, who brings a deep background in business and product development in the magnetics space as well as a strong tenure at Adams, has been promoted to replace Lewis as President. The existing Adams management team and employees will continue to manage our everyday business and relationships with the integrity, transparency, and commitment to quality for which Adams is known.
About High Street Capital
High Street Capital is a leading provider of flexible capital and operating expertise to lower middle market businesses. The firm is seeking acquisition, recapitalization, and growth capital opportunities in the outsourced business services, niche manufacturing, and value-added distribution & logistics industries with revenues of $10 to $100 million. Please visit www.HighStreetCapital.com for more information.
About Adams Magnetic Products
Established in 1950, Adams Magnetic Products sets the standard for designing and manufacturing innovative magnetic products and assemblies. One of the oldest U.S. companies in the industry, its staff draws from a depth of engineering, fabricating, coating, testing, sourcing, handling, and distribution expertise, managing inventory and delivery to coincide with customers’ production cycles and schedules. Adams stocks a large variety and quantity of the most popular neodymium, samarium-cobalt, alnico, ceramic magnets, magnetic assemblies, and other magnetic products and has the capability to produce magnets of virtually any shape and size. Adams is ISO 9001:2015 Certified and ITAR Registered.