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Generational Equity Advises Absolute Machine & Tooling in its Sale to ReNEW Partners

By Generational Equity

Absolute Machine & Tooling

We are pleased to share the sale of Generational Equity client Absolute Machine & Tooling, LLC to ReNEW Partners, LLC. The transaction closed on July 31, 2023.

Absolute Machine & Tooling (AMT), located in Leander, Texas, operates a build-to-print precision machine shop that primarily manufactures semiconductor components and has CNC machines.

The company also serves a variety of other customer markets, such as the oil and gas, medical, aerospace, and automotive sectors. AMT operates a 15,000 square foot manufacturing and office facility in Leander.

Prior to the transaction, Absolute Machine & Tooling was wholly owned by John “Van” Witbeck, who operated as the President of the business. Going forward, Brent Witbeck will be the new President at AMT, while John Witbeck will be a consultant and advisor.

Located in Atlanta, Georgia, ReNEW Partners (ReNEW) is building a new and innovative future for family businesses while preserving tradition, serving communities, and taking care of employees.

ReNEW’s mission is to provide the future every company deserves. They understand it's not easy for an entrepreneur to sell the business they have built. ReNEW Partners works alongside entrepreneurs to preserve family legacies and expand opportunities for each acquired business and their employees.

ReNEW isn’t a typical private equity or search fund. They use their operational know-how to build businesses for the long term. ReNEW is currently focused on acquiring machining and fabrication companies as well as niche industrial manufacturers.

Cres Ferrell, Managing Partner, and Mike Bouchard, Managing Partner, led the transaction on the ReNEW Partners side.

Cres Ferrell said, “From the moment we met Van and toured the facility, we knew AMT was something special. Van has built a great company and we look forward to continuing his mission and building on a strong foundation to drive market share growth at AMT. AMT is the second company we have acquired this year to bring a broader set of capabilities to our existing customers.”

Mike Bouchard stated, “Working with Don and Generational Equity to complete the transaction made the acquisition process run smoothly and we were able to close on the deadline we set forth in our initial offer. The ability to maintain strong existing management was a large part of our thesis and we are excited to have Brent join the growing team of managers we are assembling to better serve our customers.”

Don Ho, Managing Director Mergers & Acquisitions with Generational Equity, was the lead dealmaker that successfully closed the transaction. Don Ho was supported by Executive Managing Director of M&A – Central Region, Michael Goss, and Vice President, M&A, Lance Thomasson. Senior Managing Director DeWayne Nelon established the initial relationship with AMT.

“Van has been running Absolute Machine & Tooling for more than 25 years and it was important to him that we found the right buyer that would take care of his customers and staff, as well as the legacy and culture of the business. We are so honored to be able to help Van achieve his goal of finding the right steward that will continue growing the business while prioritizing the customer and employee relationships,” said Mr. Ho.

Mr. Ho added, “With this M&A transaction, we believe ReNEW Partners will help accelerate Absolute Machine & Tooling’s growth and further improve operations so that AMT becomes one of the leading precision machine shops in Texas. Additionally, this transaction will create new opportunities for its staff, while also expanding capabilities and services for its customers.”

Van Witbeck said “We’re so excited about the transaction with ReNEW Partners and what they could do with the business. We had dozens of candidates interested, but it was clear to me that ReNEW Partners was the best acquirer for AMT.”

Van added, “I’m so thankful to have Generational Equity, specifically Don Ho with support from Lance Thomasson, represent AMT in the market. Their experience and expertise were vital to the successful completion of selling my business.”

If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Manufacturing & Fabrication M&A Deals page.

Carl Doerksen is the Director of Corporate Development at Generational Equity.

© 2023 Generational Equity, LLC All Rights Reserved

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I wanted to write you a quick letter to express our appreciation and our delight on the outcome of helping us through the process of our recent sale. We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Terry D. Wickman, President, Keytroller
Michael worked tirelessly, He followed every lead meticulously and urgently to make sure nothing was missed.
Robert Evans, President and CEO of Mealtracker Dietary Software
Generational Equity educated and informed us – so that we could be on the upside of a good decision (to sell).
Bil MacLeslie, CEO, ipHouse
The help you provided us during each step of this process made us feel very comfortable and confident we were selecting the right approach to transition our Company.
Andy Graham, Vice President, Modern Heating & Plumbing
We were represented by Michael Goss with Generational. The due diligence was grueling and exhausting, but Michael propped us up and kept us motivated throughout the process. Debi and I continued to ask each other how we could possibly make it through this process without the assistance of Michael. Michael's professionalism and knowledge is absolutely amazing, and we are so blessed to have had him by our side as we made our future dreams come true.
Bob and Debi Lee, Owners of BL Technology, Inc and BL Tl Services, LLC
Through the sale process, Generational brought in several interested buyers and we closed in about 6 months. I am so glad I accepted that invitation to the conference and could not be happier with the whole process. The team at Generational coupled with their knowledge and guidance was so valuable that in the end, I know I could never have done this on my own!
JoAnn Ellis, Owner of Fondren 5 Star Kennels
I wanted to take this opportunity to thank you for all that you have done for us. Not only did you take care of all the aspects of the sale but took extra care to make sure we knew what it looked like every step of the way. I will definitely recommend your company to anyone that is in a position to or looking to exit their business.
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Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
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Pete L.
After attending a conference with GE, I decided that the value they bring would be worth the expense and as soon as I started working with them, I realized that was the right decision. When we started to get LOIs, Fred Zweifel took the lead on the communication and supported negotiations throughout the process, which got tricky as we moved forward. I learned that it can be common for companies to make a great offer then work to erode that price with their discoveries, but Fred and the GE team kept that from happening.
Caroline Connelly, CEO, OptoTest
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Bil MacLeslie, CEO, ipHouse
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Bil MacLeslie, CEO, ipHouse
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Bryan D. Horn, Owner, Over Under Clothing
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Jay Dinnison, Owner of Sharpe Mixers
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Jay Dinnison, Owner of Sharpe Mixers
Thanks to you, the entire GE team and especially Michael Goss for driving a great valuation, coaching me and driving the process across the finish line. Please let me know if there is anything I can do to support GE going forward.
Tom Currier, Former President & CEO, Rackmount Solutions
We knew it would be a difficult task to have someone really understand our business and our market, prior to researching a possible buyer, so it was imperative that we found someone of your caliber, with definite proven experience in this area.
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
I need to say an immense thank you to Don Ho for his stellar work ethic, attention to detail, and tireless effort. Also thank you to the whole crew at GE! Without you, Don could not do such a phenomenal job. We were shooting for closing and funding before the end of 2020, due to the uncertainty of the political landscape and taxes. I am happy to report we closed last week and will be funding tomorrow.
Dr. Caty J. Catron PhD, RN, VA-BC – Owner, Vic The Picc, LLC
I am pleased that I was able to work with Andrew Byrd throughout this experience. From the first meeting we had in Minneapolis I felt that I was in good hands. His knowledge and expertise is second to none. He guided the process consistently throughout. I feel lucky that I was pared with Andrew and could not be happier that I chose Generational Equity to handle this major life event. Thank you Andrew and GenEq for everything!
Eric Erlandson, Owner, Action Fastenings, Inc.
We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
The process was much more involved than I expected and your help, experience and advice was a big factor in making the negotiations go as smoothly as possible.
Terry D. Wickman, President, Keytroller
We thank you Eric and Generational Equity making our dream come true.
Larry Moore, Owner, A Company Portable Restrooms
I couldn’t have asked for a better team than Michael and Deborah. We couldn’t have done it without them.
Robert Evans, President and CEO of Mealtracker Dietary Software
Your wisdom and experience were invaluable to me during this once-in-a-lifetime transaction.
Ralph Noblin, President of Noblin & Associates
I decided to attend the conference and hopefully receive some guidance on how to structure an exit plan of my business. Upon arriving at the conference, I was so impressed with the presentation given by Generational Equity that I set a future appointment that week to discuss the possibility of selling my business with their Senior Managing Director David Robinson.
JoAnn Ellis, Owner of Fondren 5 Star Kennels
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Generational Equity’s professional staff helped me every step of the way. Their network and professionals are the only reason I sold my company this quickly. For me this is a once in a lifetime sale and I was unfamiliar with the process. I was able to lean on them with questions and concerns.
Betty L. Brennan, President, Taylor Studios
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Salvo Stoch, Founder and CEO of Sleeping Partners
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