The Lawton Standard Co., De Pere, has acquired AMSCO Wear Products Inc., Willmington, Delaware.
Lawton, which manufactures specialty iron and steel castings, has a growth strategy focused on acquisitions in the metallurgy industry. AMSCO, founded in 1915, provides wear-resistant steel for recycling, mining and waste-to-energy industries.
“What impresses us about AMSCO is their customers’ loyalty. Armond [Groves] and Sharon [Morris] are well-known and respected in their fields. I know this will be a good fit because they embody many of the same values that we do in the Lawton family,” said Alex Lawton, CEO of Lawton Standard.
Adding AMSCO will allow Lawton to continue bolstering its distribution capabilities and further diversify the customer base and end markets served. AMSCO leverages its design, engineering and metallurgy expertise, and proprietary relationships to deliver a complete line of mission-critical wear products. The combined company will serve more than 500 unique customers and have exposure across more than 15 end markets.
“Having been with AMSCO for 20 years, I appreciate the relationships we’ve fostered. Lawton brings a proven commitment to the industry; the founder comes from a fifth-generation foundry business in operation for over 140 years. Their reputation, like ours, is well known for both quality and customer service. Our facility is complementary. Day-to-day operations at AMSCO will remain the same,” said Sharon Morris, CFO of AMSCO.
The acquisition was financed by NewSpring through its dedicated private credit strategy, NewSpring Mezzanine. Wells Fargo supported the investment with senior debt financing, and Oakland Standard served as an independent sponsor.
“Our company prides itself on providing the highest levels of metallurgical expertise and engineering capabilities to a wide range of customers. Combined with a full suite of complementary offerings, we’ve strengthened our long-standing relationships with our growing list of large OEM and other niche customers who have come to trust our ability to meet their needs over the years,” said Lawton. “We’re thrilled to partner with NewSpring and bring the AMSCO Wear Products business into our family of companies as we continue to grow into more geographic markets and provide new products and services that move the needle for our customers.”
In recent years, The Lawton Standard Co. has built a highly diversified, one-stop shop to provide specialty castings and related products and services. The company continues to expand to meet foundry needs and now has a physical presence in seven states.
“With a significant foothold in a growing number of markets, Lawton Standard is well positioned to continue its rapid growth through acquisitions and product expansion,” said Greg Barger, NewSpring General Partner. “Lawton is run by the type of highly experienced, operationally focused leadership team we seek to partner with, and we look forward to working with them to elevate how best to take this business to new heights as casting services remain a critical aspect of the U.S. manufacturing industry.
