CONCORD, NH, April 2024
Business Transition Strategies (BTS), now a Touchstone Advisors Company, served as mergers and acquisition advisor for three-generation manufacturer Wasik Associates, a global market leader and producer of Electron Beam Processing Systems based in Dracut, Massachusetts. Wasik was founded in 1982 by Peter Wasik Sr., continued after his retirement by his son Peter Wasik and then most recently owned by Peter’s son Tom Wasik.
Industrial Device Investments (IDI), LLC, a family office based in Knoxville, Tennessee, earlier this month announced its strategic investment and long-term growth plan for Wasik Associates in partnership with the family that founded the company.
BTS was engaged by third generation owner Tom Wasik to help the 42-year-old company find a partner to accelerate growth through improved processes and expanded production, as well as preserving the family legacy and role in the business
After exploring an outright sale or merger with another company, Wasik ultimately focused on collaboration with IDI, which has extensive experience building operating teams, implementing production enhancements, and transforming management systems for highly focused production.
IDI’s Managing Partner John Dalton will lead the Wasik Board of Directors and Tom Wasik will remain on the board while becoming Chief Technology Officer, a role enabling him to use his deep expertise to focus on customer needs.
Based in Concord, New Hampshire BTS serves privately held companies in the lower mid-market seeking a sale or merger. Kenneth Schaefer and John Howe served as advisors to Wasik in framing and completing the transition plan.
“We believe deeply in the manufacturing sector that has been a major player in New England,” said Howe, former BTS director who has now retired. “These companies are maturing with owners seeking a path to retirement. They turn to BTS to achieve a successful transfer.”
“This project was highly unique in that the client was eager to stay in the company, but mature in understanding help was needed to achieve goals,” explained Schaefer, of BTS who continues as an advisor with BTS-Touchstone.
Nathan Wechsler accountants, of Concord, NH, conducted accounting diligence for IDI as well as financial statement reconstruction, deal accounting finalization and will remain the CPA audit firm going forward.Rebecca Kane, shareholder at Devine Millimet of Manchester, served as legal advisor for IDI and Middlesex Savings Bank, through Mark Diebus, Sr. Vice President, provided funding.