Transaction Enables Industry-Leading Manufacturer and Supplier of Machine Tool Accessories to Extend 78-Year Legacy
NEW YORK –September 16, 2024 – Carl Marks Advisors, a leading investment bank providing financial and operational advisory services to middle market companies, announced that it has successfully advised Curran Manufacturing Corporation d/b/a Royal Products (“Royal” or the “Company”), a premier manufacturer and exclusive distributor of precision machine tool performance accessories, on the sale of its business to private equity firm Heartwood Partners. Financial terms of the transaction were not disclosed.
Royal Products’ management team, including Chief Executive Officer Tom Sheridan and Chief Operating Officer Chris Jakubowsky, will not only remain in their leadership roles to guide the Company through its next phase of growth but have also made a significant investment in the equity of the Company.
Founded in 1946, Royal Products, headquartered in Hauppauge, New York, is an industry-leading manufacturer and supplier of computer numerical control (CNC) metalworking performance accessories. The Company provides tooling, workholding, automation and mist control products that enhance the performance, productivity and profitability of customers’ CNC machine tools. Over its nearly eight-decade history, Royal has been at the forefront of manufacturing technology and has maintained the core values of integrity and dependability on which the Company was founded.
“We are extremely pleased by the outcome of the sale of Royal Products to Heartwood Partners,” said Warren H. Feder, Partner at Carl Marks Advisors. “When we were first engaged by Royal in 2023, we were impressed not only by the business but also with the management team’s concern for Royal’s history and employees. It was important for us to identify a new partner that shared their values and was committed to honoring the Company’s legacy. We ultimately found an ideal acquirer in Heartwood Partners, who is well-positioned to help Royal capitalize on the forecasted uptick in the machine tools industry and to assist with strategic acquisitions.”
“We could not have asked for a better advisor and partner than we had with the Carl Marks team,” said CEO Tom Sheridan. “They understood what was important to our founder Allan Curran and to the management team and guided us every step of the way through dozens of interested buyers to a tremendous result. “
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