ESOP Holding Company Acquires Precision Machining Company
April 12, 2021 — Empowered Ventures, an employee-owned holding company based in Carmel, IN., is pleased to announce the acquisition of Firstar Precision Corp. (Firstar), a precision machining company that serves the medical, aerospace, food processing, industrial assembly and hydraulics industries.
Founded by David Tenny in 2000 and based in Brunswick, OH., Firstar manufactures custom components using high precision CNC mills, turning centers, wire EDM, gear shaping and laser etching machines. Firstar’s talented and tenured workforce has enabled the company to develop a reputation among its customers and within the industry for machining exceptionally tight tolerances and providing outstanding service.
“I am thrilled to welcome Firstar, David, and his team to Empowered Ventures,” said Empowered Ventures CEO, Chris Fredericks. “As an employee-owned holding company, we help companies like Firstar by providing a straightforward, low-friction buyout process that results in the employees joining our diversified ESOP. We are thrilled to be part of the next phase of Firstar’s journey.”
With the acquisition, Firstar’s employees join the Empowered Ventures ESOP, which owns 100% of Empowered Ventures and its operating companies. Empowered Ventures brings strategic assistance and resources to support Firstar’s continued growth and success. Joining Empowered Ventures reinforces Firstar’s commitment to excellent service and quality and enables the company to continue expanding its capabilities.
“With Empowered Ventures’ support and the continuing dedication of Firstar’s employees, together, we will keep growing the business and meeting the ever-evolving needs of our customers. We have been rooted in the Northeast-Ohio community for a long time, and it was important to me for that to continue,” said David Tenny, president of Firstar Precision Corp. “I’m excited to continue leading Firstar and proud to partner with Empowered Ventures.”
“By working with Empowered Ventures on their succession planning, an owner can sell their business and receive the peace of mind that comes with transitioning ownership to the employees, which is a win-win outcome for a business like Firstar,” said Spencer Springer, vice president of Empowered Ventures. “When employees think like owners, they become more engaged, invested, and strategic. All our businesses have a bright future with the employees leading the way.”
About Empowered Ventures
Founded in 2020 by leading fabric supplier TVF, which transitioned to an Employee Stock Ownership Plan (ESOP) in 2010, Empowered Ventures is an employee-owned holding company based in Carmel, IN. Empowered Ventures helps successful small businesses plan for succession, providing a long-term home for companies and employees. Empowered Ventures is not a fund and has no outside investors. The company uses its own capital to fund acquisitions and has a do-no-harm approach to supporting operating management. All employees of companies owned by Empowered Ventures join its employee ownership program.
About Firstar Precision Corp.
Founded in 2000, Firstar Precision Corp. is a full-service precision machining company located in Brunswick, OH. Firstar manufactures tight tolerance components for the medical, aerospace, food processing, industrial assembly and hydraulics industries. With its highly trained team of engineers and machinists, state of the art equipment, and quality department certified to ISO 9001:2015, Firstar manufactures even the most complex parts economically and reliably, enabling it to be a value-added partner and solution provider to its customers.