Ares Management Buying Form Technologies In $304 Million Deal

By Amit Chowdhry • Jan 29, 2025

Form Technologies – a global leader in producing precision-engineered components – announced that Ares Management funds have acquired most of the company’s common equity. In connection with the deal, Form Technologies has substantially deleveraged its balance sheet and received approximately $304 million in new equity capital, comprising $154 million of common equity from investors including Ares, the D. E. Shaw group, and Onex Credit, and $150 million of preferred equity from the D. E. Shaw group and Ripple Industries.

This new funding is expected to support additional investment in Form Technologies’ leading operational capabilities and accelerate the company’s commercial strategy.

With a global footprint of 32 facilities across 22 countries, Form Technologies has built strong commercial momentum through its ability to offer diversified casting services at scale, with key competencies in die casting, investment casting, and metal injection molding. And in recent years, the company invested significantly in its proprietary processes and engineering capabilities to support product design and manufacturing with a higher level of precision for its customers.

Form Technologies also implemented essential enhancements to its commercial organization in that time and has accelerated the success of new customer programs, increasing the company’s customer count to nearly 2,000 organizations across key end markets, including automotive, aerospace, healthcare and enterprise technology.

Jefferies served as financial advisor, and Kirkland & Ellis LLP served as legal counsel for the company. Evercore served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Ares.

KEY QUOTES:

“Over the past two years, we have undertaken a platform-wide strategic repositioning that has solidified Form Technologies as a global leader in precision-engineered parts. I am very proud of the work our team has done to deliver on our operational objectives while continuing to meet our customers’ needs. We are excited to move forward with additional strategic support from Ares as we seek to build on our commercial momentum, expand our presence in key regions and drive long-term growth.”

– David Angell, Chief Executive Officer of Form Technologies

“Since our initial investment in 2021, we have observed the acceleration of Form Technologies’ commercial success through its differentiated solutions-based offering and engineering excellence. We believe that under David’s leadership, Form Technologies is well-positioned to address the growing needs of its diversified customer base across key regions and sectors. We look forward to the exciting opportunities ahead as we support the team’s goals for driving revenue growth and value creation.”

– Aaron Rosen, Partner and Co-Head of Opportunistic Credit at Ares Management