Boston equity firm acquires Adcole Corp. of Marlborough
Adcole Corp., a Marlborough-based maker of measuring devices used in manufacturing processes, announced it has been acquired by Artemis Capital Partners, a Boston-based private equity firm, for an undisclosed amount.
Along with the acquisition, John Brooks Reece, Jr., long-time head of Adcole Metrology, has been promoted to president and chief executive officer, succeeding Addison Cole, the company's founder.
"We are excited about partnering with Artemis. By adding Artemis's strategic and operational resources, Adcole is now poised for a new era of growth -- marked by a renewed focus on R&D, an enhanced sales and marketing strategy, and improved global operations,” Reece said in a statement.
Other management changes announced along with the acquisition were that Douglas H. Vandenberg has joined the company as chief financial officer, having previously served as an operating partner for Thomas H. Lee Partners. Thomas K. MacDonald continues to lead the Adcole Aerospace division, the company said.
In addition to its headquarters in Massachusetts, Adcole serves its customers from locations in Detroit, Tokyo, Shanghai and Germany.
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