Leveraging automotive and turnaround experience to recreate a future
Historically, Cardinal Metal Finishing provided various metal processing services such as shot peening, resin impregnation and other quality inspection services. All of these processes are required prior to machining a quality product, in this case, transmission cases, engine blocks and other structural components.
Pine Grove Holdings became involved with Cardinal Metal Finishing in 2018 at the request of a middle market mezzanine debt firm which had taken control of and restructured the Company. Pine Grove Holdings was engaged as the chairwoman to assist the debt firm with navigating the Tier 1 automotive supplier world. The debt firm would not normally operate a company of this size, and future growth meant that additional investment would be necessary which the debt firm would not allow.
After two years of stabilizing the business and looking for other opportunities for the Company, Pine Grove Holdings proposed to acquire Cardinal Metal Finishing from the debt firm. In May 2020, Pine Grove Holdings purchased 100% of the Cardinal Metal Finishing stock.
Currently, the Company performs quality inspections and other value-added warehousing services to its automotive customer. Since the acquisition, Cardinal’s employment has tripled and operates 24/7.