On July 29, TRM Equity II, a Michigan-based private equity fund, acquired all of the equity of AFS Corporate Member WDC Acquisition LLC, known as Wellman Dynamics (Wellman), which is located in Creston, Iowa, and employs about 350 people. The 100-year-old aerospace supplier manufactures large scale, complex magnesium and aluminum castings for the defense and commercial aerospace markets. 

“Due to Wellman’s unique capabilities and status as a critical supplier, the customer base has been very supportive during the last few years in a challenging environment,” said Jeffrey Stone, TRM managing director. “Very significant investments have been made to modernize the facility and to support new defense programs since 2018. We are excited to have the opportunity to bring our foundry experience to the business. 

“As a result of this transaction, Wellman is fortunate to have a strong balance sheet as it comes out of the post-Covid/extreme tight labor environment,” Stone continued. “These challenges are not unique to Wellman, but given its unique set of attributes and the situational benefits previously referenced, we are confident its performance will differentiate it in the years to come.”