Recent announcements and articles from Ashland Capital Partners.
Articles
CONTACT INFORMATION:
Ashland Capital Partners
Tom Fitzgerald
630-880-7257
tfitzgerald@ashlandcap.com
RELEASE DATE:
January 28th, 2026
Ashland Capital Partners Announces Sale of KBK Industries,
a Leading U.S. Manufacturer of Specialty Tank Solutions
CHICAGO, January 28th, 2026: Ashland Capital Partners (“Ashland”), a Chicago-based private investment firm focused on building enduring industrial businesses, today announced the sale of KBK Industries (“KBK”), a premier manufacturer of fiberglass and steel tanks and separation equipment. The transaction concludes a highly successful 19-year partnership between Ashland and KBK.
Headquartered in Houston, Texas KBK Industries has long been recognized as a trusted provider of liquid storage and separation solutions for the energy, chemical, agricultural, and wastewater industries. Since acquiring the business in 2006, Ashland has worked alongside management to scale the company’s manufacturing capabilities, while preserving its legacy of quality and reliability.
“We are incredibly proud of what we have accomplished together with the KBK team over the last 19 years,” said Jim Lynch, Founder and Chairman at Ashland Capital Partners. “Our long-term investment in KBK exemplifies Ashland’s philosophy of patient capital and partnership. We didn’t just buy a business; we invested in people and infrastructure to build a market leader.”
As a result, since Ashland Capital Partners’ initial investment in 2006 and including all realized proceeds, Ashland generated an annual internal rate of return (“IRR”) of 45.5% and a multiple of invested capital (“MOIC”) of 118x on its equity investment in KBK Industries.
Under the leadership of CEO Steven White, KBK has achieved significant operational milestones and solidified its reputation for innovation.
“This announcement marks an exciting new chapter for KBK Industries,” said Steven White, CEO of KBK. “Ashland Capital Partners has been an exceptional partner, providing the strategic resources and autonomy needed to grow while staying true to our core values of quality manufacturing and customer service.”
The transaction also reflects the enduring commitment of KBK’s founder, Bill Baalmann, who remained a Limited Partner and supporter of the business following Ashland’s acquisition.
Ashland Capital Partners was supported in this investment by its long-time partner, Main Street Capital Corp (NYSE: MAIN).
About Ashland Capital Partners Ashland Capital Partners is a values-driven investment firm based in Chicago, focused on investing in and growing lower-middle-market industrial companies.
For more on Ashland Capital Partners, visit www.ashlandcapitalpartners.com
Contacts
Tom Fitzgerald, Managing Director – tfitzgerald@ashlandcap.com
James Lynch, Sr. Managing Director – jclynch@ashlandcap.com
Cole White, Associate – cwhite@ashlandcap.com
ASHLAND CAPITAL PARTNERS, IN PARTNERSHIP WITH FULTON ASSET MANAGEMENT, ACQUIRES AFCO INDUSTRIES, INC. A BUILDING PRODUCTS MANUFACTURER AND FULL-SERVICE CONTRACT MANUFACTURING AND CNC METAL FABRICATION BUSINESS.
CHICAGO – July 31, 2025 – Ashland Capital Partners (“ACP”), a Chicago-based private investment firm, together with Fulton Asset Management (“FAM”), today announced the successful acquisition of AFCO Industries, Inc. (“AFCO”), a leading manufacturer of building products based in Alexandria, Louisiana. Terms of the transaction were not disclosed.
Founded in 1946, AFCO Industries is a premier vertically integrated building products manufacturer of Made in the USA stock and made-to-order columns and railings for decks, walkways, entrances, and porches, as well as millwork door products for residential and multi-family properties. The Company specializes in aluminum, fiberglass, vinyl, and composite products, and is one of the few building product manufacturers with two seven-inch aluminum extrusion presses (1,675 and 1,800 tons). AFCO also operates a full-service contract manufacturing and CNC metal fabrication business that supports both its building product brands and a growing base of OEM customers.
As part of the transaction, the existing AFCO management team will continue to lead the Company, with additional strategic support from ACP and FAM. Jim Lynch of Ashland Capital will join the Company’s Board of Directors.
Jim Lynch, Founder and Managing Partner at Ashland Capital, said, “AFCO represents exactly the type of business we strive to partner with—deep industry heritage, market-leading capabilities, and a clear opportunity to scale. We are thrilled to support the next phase of growth alongside the AFCO team and our partners at Fulton Asset Management.”
Gould & Ratner LLP served as legal counsel to Ashland Capital Partners. CIBC provided debt financing for the transaction. XLCS Partners was the exclusive financial advisor to AFCO.
ABOUT AFCO INDUSTRIES
Founded in 1946, AFCO Industries is a vertically integrated manufacturer of aluminum, fiberglass, vinyl, and composite building products, including columns, railings, and millwork doors. The Company also provides contract manufacturing and CNC fabrication services to a range of OEM customers. AFCO’s corporate office is in Alexandria, Louisiana.
For more information, please visit www.afco-ind.com.
ABOUT ASHLAND CAPITAL PARTNERS
Ashland Capital is a private investment firm devoted to investing in and growing companies with values ranging from $10 million to $100 million. Ashland’s team works to strengthen these businesses with targeted, strategic guidance. We partner with in-place management teams to create lasting business value for Ashland’s investors.
For more information, please visit www.ashlandcapitalpartners.com.
ABOUT FULTON ASSET MANAGEMENT
Fulton Asset Management is a diversified family office with a long-term investment philosophy, supporting middle-market businesses across industrial, manufacturing, and business service sectors. FAM provides patient capital and operational support to create enduring value in its portfolio companies.
For more information on AFCO or to learn more about Ashland Capital Partners, please contact one of our Team listed below:
Tom Fitzgerald – tfitzgerald@ashlandcapitalpartners.com
James Lynch – JCLynch@ashlandcapitalpartners.com
Cole White – cwhite@ashlandcapitalpartners.com
Humble, Texas – March 19th, 2024 – Gulf Manufacturing, LLC, also known as The GMI Group (“GMI”), a leading supplier of API fittings and flanges to the upstream oil and gas industry, announced today it has combined with Maass Global Group (“Maass”), a global leader in the manufacture and distribution of flanges and specialty forged products, forged bar, seamless pipe, and fittings in duplex, stainless steel, and high nickel alloys. The combined company’s key investors and partners include Alex and Patrick Maass, Main Street Capital Corporation (NYSE: MAIN), Ashland Capital Partners, and several key multi-national management team members.
In commenting on the transaction, the combined company’s CEO, David Nunn stated, “The newly combined company will participate in all global market segments with an extensive supply of manufactured products, and will serve upstream, midstream, and downstream customers. We are excited and eager to explore several growth opportunities for the combined company, facilitated by the combined company and its management team’s deep industry expertise, brand recognition and generations of experience.”
Alex and Patrick Maass added, “We are proud and excited about the new partnership with GMI’s management team and equity owners. We believe that our entrepreneurial approach is very consistent with GMI’s approach, which will prove beneficial to the combined company by continuing our leading approach to quality and customer service in this new global partnership.”
Founded in 1984 and located in Humble, Texas, GMI is a manufacturer and supplier of fittings, flanges, and specialty products for the oil and gas industry. With existing manufacturing and distribution locations in Humble, TX and Broussard, LA, GMI serves customers throughout the United States.
Maass was founded by Wilhelm Maass in Essen Germany during the 1940’s. Maass manufactures specialty forgings and flanges in stainless and high nickel alloys in Germany and India, distributes bar products through Buxton Special Alloys Ltd., located in the UK and managed by Nick Buxton, and distributes high nickel alloy pipe, fittings, and flanges through Maass Special Alloys, located in the Netherlands and managed by Roel van Leeuwen. Maass also has sales offices located in Singapore, Shanghai, and Dubai.
In February 2024, Ashland and its partners acquired Stainless Foundry & Engineering after the longtime owner opted to exit their ownership. SF&E presented a compelling investment opportunity, with a long track record of stable revenue and profitability. The company’s experienced leadership team included second- and third-generation managers, and over five employees with more than 40 years of service. Specializing in stainless steel and high-alloy investment and sand casting, SF&E benefits from a significant competitive moat—few competitors possess the capabilities to produce these complex parts. A comprehensive suite of industry certifications has unlocked new markets and growth opportunities. Founded in 1946 and headquartered in Milwaukee, WI, SF&E continues to uphold its legacy of quality and innovation.
A One-Stop Shop for Dual Casting Excellence
By integrating both sand casting (50 lbs–7,000+ lbs furnace capacity) and investment casting (sub-1 lb to 350 lbs) divisions under a single roof, SFE eliminates the need for customers to juggle multiple suppliers. Their in-house foundry engineering team advises on optimal casting methods, ensuring every part—from complex pump impellers to pressure-vessel components—is manufacturable, cost-effective, and delivered on time.
Unmatched Industry Reach
SFE’s corrosion-resistant, high-heat, and wear-resistant castings serve a staggering array of sectors, including:
Energy & Power: Chemical, petrochemical, nuclear, and power generation
Infrastructure & Transportation: Marine, aerospace, and structural equipment
Process Industries: Pulp & paper, food & dairy, pharmaceutical, metering, valves, and pumps
Defense & Instrumentation: Military systems and critical instrumentation With over 600 customers across North America and Europe, SFE supports mission-critical applications where failure is not an option.
Precision Machining & Value-Added Services
Beyond casting, SFE’s one-stop machine shop offers specialized CNC turning, milling, grinding, drilling, EDM, and welding services—capable of handling parts from a few ounces up to 600 lbs. Leveraging lean manufacturing and approved supplier partnerships, they deliver intricate geometries and tight tolerances with the speed and cost-efficiency that today’s fast-moving markets demand.
Unwavering Commitment to Quality
SFE was the first U.S. foundry certified to the Pressure Equipment Directive (PED) 97/23/EC and now holds the largest material scope under PED 2014/68/EU. Additional accreditations include ISO 9001:2015, NIAC (Nuclear Industry Assessment Corporation), ASME NQA-1, ASME BPVC Section III, 10 CFR Part 50 Appendix B, and NORSOK M-650—underscoring its dedication to safety, traceability, and zero-defect delivery.
Driving Innovation with Digital Tools
To help customers specify the ideal alloy and process, SFE offers an interactive Casting Alloy Selector and Alloy Comparison Tool, simplifying material selection while accelerating design cycles. Coupled with a robust metallurgy knowledge base and responsive engineering support, these digital resources exemplify SFE’s mission to deliver competitive, turnkey solutions—on time, every time.
Looking Ahead As part of the Ashland Capital Partners family, Stainless Foundry & Engineering continues to invest in cutting-edge technology, workforce development, and process innovations. Their blend of time-honored craftsmanship and modern precision positions SFE to capitalize on emerging market opportunities—strengthening Ashland’s commitment to supporting industry leaders that set the standard for quality and reliability.
Berlin, New Jersey – July 2017 – Ashland Capital Partners, alongside Main Street Capital, acquired Boccella Precast, a structural precast concrete manufacturer serving high-density construction markets in the New York/New Jersey/New England corridor.
Ashland was drawn to Boccella’s strong regional footprint, differentiated product offering—including hollow-core plank and specialized structural components—and a stable end-market base across infrastructure, commercial, and residential construction. The company’s experienced management team and potential for growth through operational enhancements made it an ideal investment in capital-intensive industrial manufacturing.
Post-investment, Boccella has leveraged backing from Ashland to invest in production expansion, strengthen supply chain logistics, and meet growing customer demand in metropolitan regions. The collaboration reflects Ashland’s ability to partner with management to deliver scalable operational improvements in the precast sector and build long-term industrial value.
Walled Lake, Michigan – October 10, 2016 – Ashland Capital Partners, with complementary financing from Graycliff Partners, acquired Dedoes Industries, a leading manufacturer of paint-mixing and blending equipment for the global automotive refinish market. Dedoes is known for its high-quality mixing machines, storage systems, and shakers, and has long-standing relationships with major paint brands worldwide.
Ashland was attracted to Dedoes for its specialized niche, consistent recurring demand, and the ability to generate strong, predictable cash flow. The company’s leadership position and operational consistency aligned well with Ashland’s strategy of investing in capital-efficient platforms in lower middle market industrials. Following the acquisition, Byline Bank’s Sponsor Finance Group expanded the company’s credit facility in September 2017—a strong signal of financial performance and confidence in the partnership’s trajectory.
Under Ashland’s ownership, Dedoes has continued to expand capacity and improve operational efficiency. The partnership has enabled increased investment in working capital and infrastructure, reinforcing Dedoes as a reliable cornerstone of Ashland’s industrial portfolio and exemplifying long-term value creation in a focused manufacturing niche.
San Antonio, Texas – March 12, 2008 – Ashland Capital Partners, together with Main Street Capital, recapitalized NAPCO Precast, a leading Texas-based manufacturer of precast concrete products serving infrastructure and commercial markets across the U.S.
At the time of the recapitalization, NAPCO was well-positioned to modernize its operations and scale to meet increasing demand for high-quality structural components. Ashland recognized an opportunity to invest in a trusted manufacturer whose products play a foundational role in transportation, energy, and commercial development across the southern and central United States.
Over the years, NAPCO’s precast solutions have been used in a number of high-profile construction projects, including the Dallas Cowboys’ Practice Stadium, Aldrich 51 Parking Structure in Austin, the 7725 Connect Data Center in Oklahoma City, and the Gathering Place Tunnel in Tulsa. These landmark projects showcase NAPCO’s reputation for precision, durability, and delivery at scale.
Ashland’s partnership with NAPCO continues to reflect its investment philosophy—supporting businesses that shape critical infrastructure and deliver lasting value, both above and below the surface.
By Eric Berger, Contributing Editor
In an industry that measures its success in fractions of a millimeter and decades of trust, GMI Group is making some very big moves.
From building a sleek new headquarters in Humble, Texas, to a robust string of acquisitions and a newly reimagined Quality Management System, the company’s evolution is hard to ignore. At a time when many manufacturers are tightening their belts and playing defense, GMI Group is doubling down on operational excellence, strategic expansion, and a bold digital presence—all with a laser focus on quality and long-term partnership.
“We don’t believe in growth for growth’s sake,” says Eric Berger, Quality Assurance Director. “Every step we’ve taken—from rebuilding our QMS to acquiring like-minded companies—has been about building a stronger, more reliable value chain for our customers.”
A Foundation Reinforced by Quality
If there’s one word that defines the current chapter of GMI Group, it’s quality—not just forged in product, but in process, people, and partnerships.
As of this summer, the company has completed recertification audits at its Humble and Broussard locations for ISO 9001:2015, API Q1, and API 6A Monogram. It is now finalizing audits and documentation that will bring two of its newest acquisitions—Wilhelm Maass Mexico and Alloy Stainless Products (ASP)—into full ISO compliance. This ensures unified standards across the company’s growing international operational footprint.
“By bringing ASP and Wilhelm Maass Mexico into the QMS fold, we’re not just aligning documentation,” notes Eric Berger. “We’re ensuring a consistent culture of accountability, traceability, and performance—no matter the location.”
The GMI Group is also taking significant strides toward ISO 45001:2018 certification, reinforcing its commitment to occupational health and safety. Meanwhile, Build America, Buy America (BABA) compliance documents are nearly finalized, and the company is now proudly listed on the American Iron & Steel Institute’s (AISI) member registry—adding further credibility in the domestic supply space.
Growth Fueled by Strategic Acquisitions
The recent acquisitions of Alloy Stainless Products and Wilhelm Maass Mexico represent more than added capacity—they’re extensions of GMI Group’s long-term strategy to expand both vertically and geographically. These moves allow the company to offer customers a broader
portfolio of high-performance PVF components with the same dedication to quality and precision that has defined GMI for decades.
By incorporating these facilities into its Manufacturer Standardization Society (MSS) footprint, GMI Group is also reinforcing its role in shaping and maintaining industry benchmarks. CRN (Canadian Registration Number) filings are underway for both Wilhelm Maass Mexico and Gulf Manufacturing, further expanding compliance capabilities across North America.
A New Home—and a New Look
To support its expanded operations and evolving brand, GMI Group is building a new state-of-the-art facility in Humble, Texas. Purpose-built to house both office and manufacturing operations, the space reflects the company’s dual identity as a modern business and legacy manufacturer.
“The new building represents who we are today and where we’re headed,” says Eric Berger. “It’s a home base for innovation, collaboration, and hands-on excellence.”
Complementing this physical transformation is a reimagined digital presence. GMI Group’s newly launched website (www.gmigroup.com) offers a streamlined experience for customers, partners, and potential recruits alike. It clearly communicates the company’s capabilities, values, and history—while serving as a platform for future growth in e-commerce and digital customer service.
Aligning with the Industry—and Its Future
Beyond operations, GMI Group has also deepened its industry integration. The company is now a member of the National Association of Manufacturers (NAM) and a fully integrated contributor to the Manufacturers Standardization Society. These affiliations signal a deeper commitment to advocacy, innovation, and the development of the next generation of PVF professionals.
These commitments resonate powerfully with the mission of PVF RoundTable—a community of manufacturers, fabricators, and distributors who are shaping the future of energy and infrastructure through their expertise and shared values.
As GMI Group continues to invest in talent, quality, and industry collaboration, its message is clear: The company may be growing, but its focus remains as sharp as ever—on precision, partnership, and building value that lasts.
Ashland and it’s investors acquired Metaltec Steel Abrasive Company in August of 2022. A Private Equity Fund had purchased Metaltec seven years earlier and their fund required the divestiture of companies held in the fund. This presented an opportunity to add another portfolio company that meets the Ashland target profile.
At Ashland Capital Partners, we’re proud to back industry leaders that blend innovation, quality, and longevity—and Metaltec Steel Abrasive Company fits that mold perfectly. Founded in 1981 in Canton, Michigan, Metaltec has earned its reputation as North America’s only producer of low-carbon, Bainite-cast steel shot. Over four decades later, the company’s commitment to superior performance and customer service continues to set the standard in surface preparation.
A Legacy Forged in Bainite Cast Steel Shot
Metaltec’s breakthrough came with its proprietary Bainite cast steel shot, a low-carbon alloy that outperforms traditional abrasives in both durability and cost efficiency. Engineered to meet the rigorous SAE J2175 specification, Metaltec’s steel shot delivers consistent hardness, precise sizing, and uniform appearance—ensuring every blasting operation achieves optimal results with fewer media changes.
Expanding Capabilities with Steel Grit
In 2009, Metaltec expanded its facility to include state-of-the-art steel grit production, broadening its product suite to meet a wider range of surface-enhancement needs. Compliant with SAE J1993, the grit line provides more aggressive cutting action for customers tackling heavy-scale removal, weld cleaning, and intricate profile work. This dual offering of shot and grit under one roof simplifies supply chains and accelerates turnaround times.
Commitment to Quality and Service
Quality isn’t an afterthought at Metaltec—it’s the foundation. From rigorous incoming-material inspections to in-process monitoring and final certification, the company maintains strict controls at every step. That dedication extends to customer support, where Metaltec’s technical team collaborates with clients to specify the ideal abrasive, optimize blasting parameters, and troubleshoot on-site challenges.
Competitive Advantage Through Longevity
Few industries demand as much consistency and reliability as heavy-industry surface preparation. Metaltec’s decades-long track record—and its status as the only North American Bainite cast shot specialist—creates a durable competitive moat. Customers know that when they order from Metaltec, they’re tapping into a proven partner whose products deliver consistent performance job after job.
Serving Diverse Markets Nationwide
Across automotive, aerospace, foundry, marine, and structural fabrication sectors, Metaltec’s abrasives play a critical role in achieving clean, profile-ready surfaces. Whether preparing castings for coatings, derusting steel structures, or profiling concrete molds, the company’s shot and grit solutions are trusted by OEMs, job shops, and maintenance teams alike.
Looking Forward: Innovation and Growth
As part of the Ashland Capital Partners family, Metaltec continues to invest in advanced production techniques and process improvements. Plans are underway to enhance throughput, reduce energy consumption, and expand technical services—ensuring that Metaltec remains at the forefront of abrasive manufacturing and surface-preparation technology.
Metaltec Steel Abrasive’s blend of specialized expertise, robust certifications, and unwavering customer focus exemplifies the kind of market leader we champion at Ashland Capital Partners. We look forward to supporting Metaltec’s next chapter of growth—further strengthening its position as North America’s premier steel-shot and grit innovator.