Die Mold Services North America Corp. (DMS), a mold component supplier in Oldcastle, Ontario, has purchased Component Guys Inc., a similar company also in Oldcastle that launched about five years ago.
The deal, which closed March 1, increases DMS's inventory capacity, product offering and support services, according to a news release.
The acquisition also reunites former and current DSM employees. Component Guys was co-founded by Frank Iatonna and Jason Mayville. Iatonna was DMS president for five years and he worked at the company for almost 33 years. Mayville used to be DMS's purchaser.
Iatonna helped start Component Guys a few months after he left DMS.
The two companies will operate independently during a transition phase expected to be "brief," according to the release, which also says the mold and die sector is positioned for strong growth.
"This acquisition will allow DMS North America to be in a stronger position to better supply this industry growth," the release says.