23 May 2017

Miller Johnson Represents Speyside Equity in Acquisition of Ashland Foundry

The Transaction
In May 2017, Speyside Equity Fund I LP (Speyside Equity) acquired all of the assets and business of Ashland Foundry and Machine Works, Inc. (Ashland Foundry). Ashland Foundry is located in Ashland, Pennsylvania and manufactures complex, highly engineered steel, chrome iron and high alloy castings ranging in size from 50 pounds to 7,500 pounds primarily for OEM Pump manufacturers.  Ashland Foundry provides a fully machined solution to its customers from an optimum geographic location on the East coast.

Jeff Stone, Managing Director for Speyside Equity, commented that “Miller Johnson not only provided a breadth of knowledge and experience to fit our specific needs but they were also critical to negotiations and overcoming obstacles to close the deal.”

Miller Johnson acted as legal advisor to Speyside Equity in the transaction. Miller Johnson’s team included Dustin Daniels (M&A; Corporate), Loic Dimithe (Corporate), Neil Williams (Tax), Jim Ens (Real Estate), Mary Bauman (Employee Benefits), Frank Berrodin (Employee Benefits), Nate Plantinga (Employment) and Alan Schwartz (Environmental).

Speyside Equity
(  Formed in 2005, Speyside Equity employs an operationally intensive approach to investing in specialty chemicals, industrials/metal forming and food ingredients businesses. Speyside Equity targets companies with a history of strong revenue, a defensible position in their respective markets, and a core group of managers that can move the business forward. This principal-driven investment philosophy and approach has continued in its $130 million institutional fund closed in January 2016, Speyside Equity Fund I LP. To date, Speyside has executed 9 platform investments since closing the fund.

Ashland Foundry & Machine Works, Inc.
(  Ashland Foundry manufactures complex, highly engineered castings primarily for OEM Pump manufacturers. Ashland Foundry has AOD (argon oxygen decarburization) process, an extensive machining facility, simulation software and in-house 3-D printing capabilities.

Miller Johnson’s Mergers and Acquisitions Group
Miller Johnson’s M&A practice group collaborates with clients and their advisors to structure, negotiate and close deals and to navigate the various challenges that can arise in the context of mergers, acquisitions, dispositions and other business combination or investment transactions.

Miller Johnson is listed for mergers and acquisitions with U.S. News & World Report’s Best Law Firms and is ranked by Chambers USA.  At the M&A Deals and Dealmakers Awards presented annually by the Association for Corporate Growth (ACG) West Michigan chapter and MiBiz, Miller Johnson attorneys are consistently involved in deals honored as finalists for the Deal of the Year categories.  For further information, please contact Dustin Daniels at (616) 831-1737 or Erik Daly at (616) 831-1723.