Advantage Capital (a leading impact investment firm) announced a $3 million investment in Malone’s CNC Machining (a manufacturer of replacement parts and assemblies for United States military aircrafts). And the company will use the financing to support the purchase of new equipment and address working capital needs.
Currently, Malone’s employs 52 people. And with the increased capacity from additional machinery being purchased from Advantage Capital’s investment, the company expects to add 10 more employees over the next 12 months through growth and bringing previously outsourced processes in-house.
The financing was made in connection with the Oklahoma Rural Jobs Act (a program designed to funnel investment dollars into businesses located in rural areas, defined as counties with populations of 75,000 or fewer), helping to stimulate these local economies and build communities.
Malone’s specializes in B-52, KC-135, C-130 and a variety of other military aircraft replacement components by offering a wide range of manufacturing services including assembly operations, CNC machining, shrink fitting, bonding, as well as sheet metal manufacturing and other associated machining services.
KEY QUOTES:
“This financing is critical to support our upward trajectory, and we are excited about the growth potential. We have operated in Grove for more than 30 years and are proud to provide quality manufacturing jobs to our surrounding community. Investment in Malone’s is an investment in opportunity for Northeast Oklahomans.”
– Derek Martin, President and CEO of Malone’s
“It is great to see rural Oklahoma businesses receive support through this program. These areas are oftentimes overlooked by investors, and we need to support our rural communities to ensure they are receiving the financial resources they need.”
– State Rep. Josh West
“Malone’s is a great business providing an important service to our military. It is exactly the kind of company we look for when investing—a company that is ready for growth and is committed to expanding access to quality jobs in the surrounding community.”
– Anthony Billings, Senior Vice President, Advantage Capital
