Formed in 1986 to service electrical equipment manufacturers, Greenwood Fabricating & Plating (GFP) has grown into a full service electroplating, fabrication and machining shop, providing finished components to a wide classification of manufacturers. GFP is one of the largest independent electroplaters of bus bar for the electrical industry in the eastern U.S.
GFP has the ability to fabricate the most intricate parts and assemblies, offering the advantages or reduced inventories, shorter cycle times, one-point invoicing and reduced scrap. The company maintains conventional machining capabilities ranging from milling and turning to boring, sawing, grinding and welding to complement its CNC machining technology.
GFP also has a strategic partnership with Gindre Copper of France, a 190-year-old global manufacturer of copper for electrical equipment. GFP provides Gindre with services beyond machining and plating, including warehousing, distribution, IT capabilities and inventory management. By doing more machining and fabrication business through Gindre virtually eliminates the commodity price risk of copper.
The company made a strategic decision in 2011 to exit metal sales to certain customers that produced lower margins and target non-metal sales growth through fabrication and value-added plating services.
After evaluating the growth prospects of GF&P over the near and long-term, BRI decided to sell GF&P and formalized the sale on August 1, 2014. The GF&P sale, including amounts placed in escrow, resulted in a 32.7% IRR and a 6.3X return on capital invested.
Tim Fender has served as president of Greenwood Fabricating & Plating since 2006. Prior to becoming president, Mr. Fender served as the company’s chief operations officer. Additional key executives include: Allen Hughes, chief financial officer; Kirk Husser, chief operating officer; and Ronnie Coleman, sales manager.