Indianapolis-based manufacturer IMH Products Inc. has acquired Brownsburg-based Mainstay Manufacturing Solutions Inc. and plans to move Mainstay’s operations and employees to IMH’s facilities.
Financial terms for the deal, which closed Sept. 30, were not disclosed. The combined companies, which employ 135 people in Indiana and Illinois, are projected to earn about $35 million in combined revenues this year.
IMH was founded in 1955 as Indiana Material Handling Products Inc. The company does metal fabrication, laser cutting, stamping, machining, welding and prototypes for customers in a variety of industries, including agriculture, defense, material handling, transportation and others.
It operates two facilities on the city’s northeast side and has a third plant with 40 employees in the northern Illinois town of Prophetstown.
Mainstay, which was founded in 2000 and was originally known as Fab2Order, does metal fabrication and machining for the packaging, mining, medical, material handling, construction and recreation industries. Pre-acquisition, the company had 38 employees.
IMH has traditionally focused on high-volume production, while Mainstay’s specialties include low-volume production and prototypes.
“Mainstay does a great job on high-mix, low-volume parts, doing prototypes and high-precision components, and that’s something our customers have been looking for more of,” said IMH President and co-owner Eric Odmark. “There’s a lot of good skilled labor at Mainstay, and it was an opportunity for us to expand our skill set.”
IMH Chief Operating Officer and co-owner Mark Seger said IMH plans to move Mainstay’s employees and equipment to Indianapolis by the end of the year, and employees who make the move will earn a retention bonus.
IMH General Manager Joe Gillen is the company’s third co-owner.
Odmark said IMH has been doing well even through the pandemic, and in fact is looking to hire more than 40 additional workers.
In addition to the new employees it picked up through the Mainstay acquisition, IMH is also actively hiring and has openings for 20 or more welders, 20 skilled machinists and several engineers.