Empowered Ventures Acquires Firstar Precision Corporation
April 12 2021 - 9:05AM
Business Wire
Firstar is welcomed into Empowered Ventures
ESOP Holding Company
Empowered Ventures, an employee-owned holding company based in
Carmel, IN., is pleased to announce the acquisition of Firstar
Precision Corp. (Firstar), a precision machining company that
serves the medical, aerospace, food processing, industrial assembly
and hydraulics industries.
Founded by David Tenny in 2000 and based in Brunswick, Ohio,
Firstar manufactures custom components using high precision CNC
mills, turning centers, wire EDM, gear shaping and laser etching
machines. Firstar’s talented and tenured workforce has enabled the
company to develop a reputation among its customers and within the
industry for machining exceptionally tight tolerances and providing
outstanding service.
“I am thrilled to welcome Firstar, David, and his team to
Empowered Ventures,” said Empowered Ventures CEO, Chris Fredericks.
“As an employee-owned holding company, we help companies like
Firstar by providing a straightforward, low-friction buyout process
that results in the employees joining our diversified ESOP. We are
thrilled to be part of the next phase of Firstar’s journey.”
With the acquisition, Firstar’s employees join the Empowered
Ventures ESOP, which owns 100% of Empowered Ventures and its
operating companies. Empowered Ventures brings strategic assistance
and resources to support Firstar's continued growth and success.
Joining Empowered Ventures reinforces Firstar’s commitment to
excellent service and quality and enables the company to continue
expanding its capabilities.
“With Empowered Ventures’ support and the continuing dedication
of Firstar’s employees, together, we will keep growing the business
and meeting the ever-evolving needs of our customers. We have been
rooted in the Northeast-Ohio community for a long time, and it was
important to me for that to continue,” said David Tenny, president
of Firstar Precision Corp. “I’m excited to continue leading Firstar
and proud to partner with Empowered Ventures.”
“By working with Empowered Ventures on their succession
planning, an owner can sell their business and receive the peace of
mind that comes with transitioning ownership to the employees,
which is a win-win outcome for a business like Firstar,” said
Spencer Springer, vice president of Empowered Ventures. “When
employees think like owners, they become more engaged, invested,
and strategic. All our businesses have a bright future with the
employees leading the way.”
To learn more visit Firstar at www.firstarcnc.com and Empowered
Ventures at www.empowered.ventures.
About Empowered Ventures
Founded in 2020 by leading fabric supplier TVF, which
transitioned to an Employee Stock Ownership Plan (ESOP) in 2010,
Empowered Ventures is an employee-owned holding company based in
Carmel, IN. Empowered Ventures helps successful small businesses
plan for succession, providing a long-term home for companies and
employees. Empowered Ventures is not a fund and has no outside
investors. The company uses its own capital to fund acquisitions
and has a do-no-harm approach to supporting operating management.
All employees of companies owned by Empowered Ventures join its
employee ownership program.
About Firstar Precision Corp.
Founded in 2000, Firstar Precision Corp. is a full-service
precision machining company located in Brunswick, OH. Firstar
manufactures tight tolerance components for the medical, aerospace,
food processing, industrial assembly and hydraulics industries.
With its highly trained team of engineers and machinists, state of
the art equipment, and quality department certified to ISO
9001:2015, Firstar manufactures even the most complex parts
economically and reliably, enabling it to be a value-added partner
and solution provider to its customers.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210412005269/en/
Contact for Empowered Ventures: Chris Fredericks 317.249.8722
chris@empowered.ventures
Contact for Firstar Precision Corp: David Tenny 216.362.7888
dtenny@firstarcnc.com
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