Small Business Deal Advisors (“SBDA”) is pleased to announce an equity investment in its client, Jetool. An individual investor purchased a stake in the business and assumed the CEO role.
Jetool is a custom machining, fabrication, and assembly firm that works with aerospace, defense, and niche manufacturers to provide tight tolerance, complex parts and assemblies in metal, plastic, composites, and wood. A time-tested leader in quality and service, the Company was founded as Chesaning Manufacturing Co., Inc. in 1963 and has been doing business as Jetool since 1975. The Company's impressive customer base includes GE, CFM, Pratt & Whitney, Honeywell, Rolls Royce, and more.
The Company was started by Don Brettrager, a pilot with machining experience. He landed his plane in Chesaning, MI and noticed a small machining company for sale next to the airstrip. He purchased the assets and started to grow Chesaning Manufacturing Co.
After developing and selling a division called Bretco, (OEM for EDM cutting and die sinking machines), Don Brettrager purchased the assets of Jetool, an aerospace GSE and MRO tooling machine shop. Chesaning Manufacturing Co. began doing business as Jetool and ramped up the GSE/MRO tooling services. The company's capabilities include machining, fabrication, prototyping and tool design, and more.
Founder Don Brettrager and his wife, Patricia Brettrager, retired and exited from Jetool in 2017. Their children, Tom, Jan, Dan, and Ron continued as shareholders and managers. As Tom and Dan readied for retirement, management knew they needed to look to outside investors. Small Business Deal Advisors introduced Joel Soelberg who brought manufacturing and business development experience. Jetool sold an equity stake to Joel who is now the CEO of the company.
Joel's investment will help to grow operations as the company targets new emerging aero and space markets. The sale also allows the remaining shareholders to exit over time.
SBDA served as M&A advisor to Jetool. This included providing advisory expertise and managing the preparatory, marketing, due diligence, and negotiation phases of the transaction.
Terms of the transaction were not disclosed.