DOWAGIAC — The non-gaming arm of the Pokagon Band of Potawatomi Indians had acquired a majority stake in Enmark Tool & Gage Co., a Southeast Michigan precision machining company.
The tribe’s Mno-Bmadsen business investment arm closed on the deal on Feb. 1, according to a statement.
Fraser, Mich.-based Enmark, a third-generation family-owned company that employs 37 people, supplies the aerospace, automotive, defense and machine tooling industries. The company’s main clients include Caterpillar, Park-Ohio Holdings Corp. and Timken Co.
Enmark operates fdom a 44,000-square-foot factory in Fraser, about 20 miles northeast of Detroit.
Under the terms of the deal, the current family owners, brothers Gary Enmark and John Enmark, plan to operate the company for three years to ensure “a seamless transition” to the tribe.
The deal marks Mno-Bmadsen’s first acquisition in Southeast Michigan.
“Our investment in Enmark further expands our fast-growing manufacturing portfolio in a successful and strategically-located business in the Detroit metro area,” Mno-Bmadsen President and CEO Troy Clay said in a statement.
With the acquisition, Mno-Bmadsen further diversifies its manufacturing portfolio, which is known as Mno-DREK and includes Mishawaka, Ind.-based Michiana Global Mold and Portage-based Accu-Mold.
Mno-Bmadsen plans to leverage the tribal tax advantages and set-asides to grow the business, according to a statement.
Terms of the transaction were not disclosed.
EDITOR’S NOTE: This story has been updated from a previous version.