R.I. Carbide Tool, Co. joins the ARCH Cutting Tools Group
ARCH Global Precision (“ARCH”), a Strength Capital Partners and Main Post Partners platform company focused on manufacturing precision cutting tools, precision machined industrial components and medical implants and instruments, has acquired R.I. Carbide Tool, Co. (“RIC”), located in Smithfield, Rhode Island. RIC is a manufacturer of custom new and re-worked solid carbide and carbide-tipped cutting tools for the medical, automotive, firearms and general industrial markets. In addition, RIC manufactures nail and header tooling for the fastener industry.
“We are excited to announce the acquisition of RIC, as this acquisition broadens our custom tool offerings as we continue to expand ARCH’s custom tooling solutions through ‘ARCH Specials.’ RIC has over 55 years’ experience providing specialty tooling and regrinds, and brings an experienced and highly technical senior management team that places a high degree of emphasis on engineering solutions and design,” commented Jeff Cederstrom, ARCH Global Precision Divisional President of Cutting Tools. “We see strong cultural and strategic alignment between RIC and ARCH, which will result in a smooth transition and immediate opportunities to leverage and expand upon existing customer relationships,” concluded Mr. Cederstrom.
John Lombari, the former owner and President of RIC, commented, “I am pleased to announce the sale of RIC to ARCH Global Precision. When I made the decision to sell my business there were two characteristics in particular that were highly important to me. The first being that the acquirer would have the same high level of respect for my employees that I’ve always had, and secondly, the buyer would be committed to further investment in the business to facilitate our next stage of growth. I developed a relationship with ARCH over the last several years, and after the positive experience I’ve had throughout the sale process, I feel even more assured that ARCH was indeed the ideal buyer.” Mr. Lombari will continue in his current role for the foreseeable future to ensure the successful integration of the business.