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Cresset Capital Invests In J.A. King & Co. Charlotte, N.C., December 1, 2000— Private equity firm Cresset Capital has invested $1 million in Greensboro, N.C.-based J.A. King & Co., a leading distributor, manufacturer and field support organization for industrial measurement equipment. "J.A. King is a family-owned business with an excellent track record and a solid customer base that has been growing steadily for more than 60 years," said Cresset Capital Managing Director Paul Givens. "We are excited about the opportunity to invest with them, as well as provide consulting advice on a number of key strategic and corporate issues." J.A. King was founded in 1939 as an industrial weighing company. The 75-person firm is currently expanding its offerings to meet their customers' needs across the full range of measurement parameters, including Electronic, Temperature, Pressure, Dimensional, Physical, Torque, Force/Weight and Timing. They are also looking to significantly increase their presence in Charlotte, Raleigh and Greenville, S.C. Major clients of J.A. King include Nortel, Krispy Kreme, Solectron and Bristol-Myers Squibb. The investment in J.A. King is Cresset Capital's first since the firm was co-founded in January 2000 by Givens and Ed Weisiger, who serves as principal. Both will serve on J.A. King's board of directors as part of the investment. Cresset Capital has reviewed about 75 prospects so far this year. The company expects to engage in one to two deals per year, with a focus on small, Southeastern-based manufacturing and distribution firms generating between $5-75 million in annual sales. Cresset's philosophy is to partner with companies interested in accelerating their growth by providing an infusion of capital and targeted assistance in addressing key strategic and operational issues. "We would not have entered into this type of partnership with just another financial investor," said J.A. King President John King. "Just as important as their monetary investment is the access we gain to their experience and contacts across a broad range of industries and functional areas. We believe this positions us to grow at a much faster and more profitable rate." Prior to forming Cresset, Givens worked with McKinsey & Company, an international management consulting firm, in their Charlotte and Atlanta offices. He has extensive experience in directing operational improvements across many industries. Weisiger is also president and CEO of Carolina Tractor & Equipment Company and serves as principal of Beacon Partners, a closely held commercial real estate development company. |
