Applied Process Takes on Majority Interest Partner
September 23, 2014
Applied Process Inc. (AP) has taken on High Street Capital (HSC), Chicago, Ill., as a majority interest equity partner. This move adds essential resources that will not only expand the company’s capabilities, but will also continue to improve their industry-leading service and allow them to expand even more geographically. High Street Capital is a private equity firm that has been partnering with and growing successful companies since 1997. High Street finds differentiated companies and provides equity and experience to build winning businesses with strong growth prospects.
Dick McClain, an HSC principal, explained that they are investing in Applied Process because they believe in the management, the people and the business. “The High Street Capital partners are looking forward to working with the world-class leadership team and employees at AP and to continue ‘growing the pie for Austempering,’” he said.
John Keough, AP’s founder, stated, “We are pleased to have a strong partner in High Street Capital going forward. I plan, as always, to be actively engaged in the growth of the business and the profitable conversion of components from one material/process combination to a better, faster and cheaper one.”
Applied Process Inc. was incorporated in 1984 as a stand-alone division of Atmosphere Group in Wixom, Mich., before President John (Chip) R. Keough moved them to their current address in Livonia. In 1993, Keough transitioned out of Atmosphere Group, and he, along with his wife and kids, became 100 percent owners. Because of the demand for AP’s Austemper-focused technologies, the company expanded to AP Westshore in Oshkosh, Wisc. Recently they have added a Monster Parts plant in Oshkosh.
Applied Process President John Wagner said, “Austempering offers our customers a cost effective way to obtain stronger, lighter and less expensive parts. We have been able to offer this practical and vendible experience in many different countries as we keep expanding our international network to places like Australia, England, Canada, China and India.”
Applied Process’s extensive global network of industrial and technical contacts and resources are the backbone to AP’s reputation as a worldwide leader in Austempering technology.
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