SHELBY TOWNSHIP, Mich. -- Torque Capital Group announced the acquisition of Metal Forming & Coining Corporation (MFC/Netform), a leading manufacturer of advanced, highly engineered flow-formed and cold-formed components and assemblies, primarily serving transmission and propulsion applications in the automotive and truck markets.
With capabilities for existing and future powertrain technologies, MFC/Netform provides unique value by improving design, material usage and the logistics surrounding production of critical parts.
"We have built an incredible platform, product and intellectual property portfolio, team and customer base over the years, and we are excited to have found a growth-oriented partner with the industry experience necessary to facilitate further growth of MFC/Netform and to better serve our customers," said MFC/Netform owner Paul Kessler.
"MFC/Netform is well-positioned to help our customers navigate the continued transmission evolution, particularly electrification, given our unique capabilities," said Tim Cripsey, who has spent nearly two decades in senior leadership with the company and transitioned into the role of president post-closing. "Our partnership with Torque will allow us to make new investments into technology, people and capabilities to continue enhancing and expanding our offerings."
"For nearly 70 years, MFC/Netform has had a reputation as a leading, differentiated supplier to the transportation markets," said Torque partner Terry Culmone. "In an industry focused on price, MFC/Netform has thrived given its ability to consolidate manufacturing processes, eliminate waste and reduce costs for its blue-chip customer base. We are excited to partner with this talented team and support the company in its next phase of growth."
James Rosseau, an operating partner with Torque Capital, will be working alongside the MFC/Netform team. Rosseau has over three decades of experience in automotive manufacturing, including previously serving as CEO of Magneti Marelli (North America), CEO of Vari-Form, and CEO of FIAMM (North America).