CHICAGO (June 20, 3:20 p.m. EDT) — Screw maker Canterbury Engineering Co. (Booth E12513) and Genca Corp. (Booth E10544), which makes dies for tubing and insulated wire, have brought in South Carolina-based Azalea Capital LLC as an investor in both companies.
They have formed CanGen Holdings LLC as an umbrella firm over Canterbury and Genca, said Canterbury Engineering President Vijay Anand.
Genca's president is Vijay's brother, Prem Anand. Both companies said they will continue to operate as independent firms with no change in management or product lines.
Vijay Anand, who founded Canterbury Engineering in 1975, said he has been 100 percent owner since the beginning, but now has invited in some new investors. The new funds will help Canterbury and Genca expand and develop new products, according to a news release the companies issued.
Azalea Capital of Greenville, S.C., is an investment and merchant banking firm specializing in financial transactions for privately owned, middle-market firms in the Southeast. Typical investments range in size from $500,000 to $2.5 million, according to Azalea's Web site.
The companies and Azalea declined to give details of the investment in Canterbury and Genca.
Canterbury makes screws and components such as check valves, tips, nozzles, end caps, breaker plates, and crosshead and in-line dies. The company buys bimetallic barrels, but makes some barrels in-house and also remanufactures them, Anand said.
Vijay Anand started Canterbury Engineering in 1975 in Canterbury, Conn. He began by making tooling for wire and cable manufacturers, according to a history on the company's Web site.
In 1978, Canterbury Engineering moved to its present location in Chamblee, Ga., and became incorporated in 1980. That same year, the company built a 3,000-square-foot factory. Canterbury bought land, expanded its building and added screw and barrel rebuilding and manufacturing in 1982.
In 1984, the company moved to a new 25,000-square-foot building. The firm built an addition in 1995.
Anand said today Canterbury Engineering has 40,000 square feet of space.
Genca, founded in 1940, specializes in crosshead and in-line dies used to extrude tubing and insulated wire. The company also supplies extruders, screws and barrels. Genca is based in St. Petersburg, Fla.