Hunter Foundry Machinery Corp. has been purchased by a private investor. SMG Group announced its acquisition, which was finalized in late July, but did not report the cost. A source with knowledge of the purchase described SMG as a business with various industrial holdings, including global shipping activities, through which it became familiar with the Hunter organization.
“Bringing Hunter into the SMG portfolio is a significant milestone and an exciting new venture for us,” stated Manny Gandhi, CEO of SMG. “We are committed to maintaining the Hunter family legacy, while infusing essential capital for global growth and enhancing the existing Hunter management team with top-tier talent.
“Our goal is to provide ongoing world-class service to Hunter customers, supporting their growth and contributing to their success with the engineering expertise, quality equipment and foundry production talents that have made Hunter a leader in the industry for decades,” Gandhi added.
The announcement emphasized that new management team, together with the existing Hunter management, “are 100% committed to providing value including delivery timelines which meet our clients’ individual and business goals.”
Hunter Foundry Machinery was established by William Allan (“Al”) Hunter in 1964 on the strength of his own design for a fully automatic, matchplate molding machine. Over time his modifications and improvements on the concept resulted in dozens of patents for molding process machinery.
Al Hunter’s son William, who succeeded the founder as chairman and likewise developed multiple innovations in sand molding machinery and mold handling equipment, will remain with the organization as a consultant during the ownership transition.
“This transition for Hunter will result in increased capabilities for the company, while maintaining our core strengths,” according to Bill Hunter. “Manny and his team will bring considerable value to the overall Hunter operation and we look forward to ongoing success from this decision.”
The current president Peter Li will remain with the company, as will Bill’s son Doug Hunter, who has been instrumental in the manufacturing, sales, and customer service efforts of the business. Doug and his two siblings will retain a minority equity interest in Hunter Foundry Machinery Corp.