Electron Energy Corporation (EEC) has joined Magnetic Holdings, LLC, the parent company of Dexter Magnetic Technologies and Magnetic Component Engineering (MCE). Magnetic Holdings is a portfolio company of Tinicum.
The Walmer family, who founded EEC as the world's first manufacturer of samarium cobalt magnets in 1970, retained a significant minority interest in Magnetic Holdings, and Michael Walmer, its chairman and CEO, joined the Magnetic Holdings board of directors. Financial terms of the transaction were not disclosed.
The transaction creates a group of leading permanent magnet firms, each with unique and complementary capabilities to solve customers' most demanding challenges. The businesses of Magnetic Holdings collectively have nearly 500 employees, and over 200,000 square feet of manufacturing space, serving critical applications for aerospace, defense, medical, semiconductor, energy and industrial customers.
The companies of Magnetic Holdings will collaborate to provide integrated solutions, utilizing the most technically advanced raw materials, world-class magnet fabrication and assembly capabilities, and expertise in designing and developing customized high-performance motors and electromechanical components, all supported by one of the largest technical engineering and commercial teams in the industry. Moreover, Magnetic Holdings now has four highly capable facilities in three distinct locations and a vertically integrated manufacturing process, creating a robust and resilient supply chain.
Magnetic Holdings is backed by Tinicum, which has over $2.4 billion of committed capital, providing the financial, operational, and strategic resources to grow and the stability that comes from its long-term ownership philosophy.
Mr. Walmer stated, "In 54 years, EEC has grown from two people with a great vision and little resources to a team of 150 committed and talented individuals serving our specialized markets with strength. EEC will continue to find new opportunities to do what has never been done before in support of space exploration, aviation, defense, medical and energy initiatives. Our growth will be enhanced by this new, dynamic relationship with these strong partners. This growth enables EEC to keep pace with increasing vital customer demand, providing continual purposeful work for our employees."
