IDI’s John Dalton to lead Wasik Board of Directors, and IDI’s Billy Odom to lead operating effort for IDI and named board member.
Knoxville, TN. - Industrial Device Investments, LLC is pleased to announce a strategic investment in Wasik Associates, LLC a global market leader and manufacturer of Electron Beam Processing Systems based in Dracut, Massachusetts.
About Wasik Associates, LLC:
Wasik Associates, established in 1982 by Peter Wasik, Sr., specializes in custom E-Beam Processing Systems, and caters to a myriad of industries including wire, cable, film, foam, shrink tubing, tire, and medical. Beyond system manufacturing, Wasik also offers design and production of custom components and system upgrades crucial for applications such as crosslinking compounds, polymerization, sterilization, and vulcanization.
About Industrial Device Investments, LLC:
Investment Criteria:
Size: $1MM - $3MM EBITDA
Industrial Product Manufacturing Company Sectors: Flow & Process Controls, Sensors, Industrial Machinery, Test & Measurement
Geography: USA Headquarters
IDI is a family investment office specializing exclusively in industrial product companies. With a focus on fostering innovation, IDI supports companies leveraging emerging technologies, operating from a proven playbook, to enhance industrial processes and drive growth.
The Strategic Partnership:
The investment by Industrial Device Investments in Wasik Associates was crafted to meet the unique needs of Wasik. Seller Tom Wasik is a third generation owner, and is maintaining a significant ownership. Tom is shifting to CTO, to drive technology advancement and customer applications, while IDI seeks to build infrastructure to continue the company’s strong growth. IDI's Managing Director Charles Aiken led the closing of the deal.
Commenting on the investment, John Dalton, IDI Managing Partner, said, “We are thrilled to be joining the Wasik team, to help build a larger, stronger company that can better serve customers in diverse industries. This may be the closest we have collaborated with a seller for the future, and we really look forward to working with Tom and his team. IDI values the Wasik name and heritage, and seeks to build on the can-do-spirit that Tom and Peter have built.”
Tom Wasik said, “We were looking for a partner to help drive our leading technology into more customers, more applications and a stronger footprint, and we are delighted to partnering with IDI to accelerate the company's growth and deliver value to clients. It was a long deal process, but IDI worked hard to achieve both our goals well.”
About the deal:
Advisor: Business Transition Strategies (BTS)
Team Members: John Howe & Ken Schaefer
BTS engaged to help Wasik transition so it could meet growing demand for its technology. BTS is a Touchstone Advisors Company.
Accountant & Business Advisor Team: Nathan Wechsler & Company, P.A.
Team Members: Matthew J. Nadeau, Brady Wentworth, Nathan Bulluck and Josh Parker
Nathan Wechsler conducted accounting due diligence, financial statement reconstruction, deal accounting finalization & will be the CPA audit firm for Wasik Associates, LLC.
Legal Team representing IDI: Devine Millimet
Team Member: Rebecca Kane
Devine Millimet is a prominent law firm with a rich history dating back to 1947, offering comprehensive legal services to clients across various industries.
Bank: Middlesex Savings Bank
Team Member: Mark A. Diebus
Middlesex Savings Bank, founded in 1835 and headquartered in Natick, MA, is one of the largest mutual banks in Massachusetts with over $6 billion in assets.
To learn more about potentially becoming an IDI Partner, Wasik Associates, or E-beam processing contact us:
Industrial Device Investments, LLC. 10335 Starkey Ln. Knoxville, TN 37932; info@IDInvest.net
Wasik Associates, LLC. 29 Diana Lane, Dracut, MA 01826, 978-454-9787; info@Wasik.com