JACKSON, MI — Jackson Tumble Finish, a long-standing Jackson manufacturer, has been sold to VSP Ventures of Ferndale.
Jackson Tumble Finish, 1801 Mitchell St., in Jackson, was founded in 1956. It provides a variety of metal conversion coatings, including phosphate, pickle, black oxide, tumbling/vibratory deburr, shot blast, passivation and brite dip services, the company announced in late July.
President Denise Losey’s late husband Kenneth started the company and operated it until 2006. After his death, Losey assumed full ownership and the role of president.
Losey positioned the business for a successful transition as she retires, according to a statement. Stephen Gross, Founder and CEO of VSP Ventures, brings a decade of corporate leadership experience, including time at General Motors.
He plans to preserve Jackson Tumble Finish’s family-oriented culture, while growing the business to continue serving its customers. He added he doesn’t plan to make cuts and will keep the business the same.
“After managing the company for 15 years, I am confident that Steve will carry Jackson Tumble Finish forward with integrity and care,” Losey said. “I’m eager to assist him in leading the company before I fully retire. He truly appreciates the culture we’ve built here, and I know he will continue to support the employees and customers who are the heart of this business.”
After leaving General Motors, Gross began VSP Ventures and decided that buying a business seemed like the next best venture for him, he said. He formed VSP Ventures and began bidding on businesses for sale, with the goal of buying privately held manufacturing businesses to care for the employees and customers there.
“I toured many businesses, and when I walked into Jackson Tumble Finish, it was alive,” Gross said. “My heart lit up, I’ve always loved manufacturing. The way this place moved, the people really seemed to care about the business.”
Through Calder Capital, a lower middle market investment bank, Jackson Tumble Finish received eight offers. Garrett Monroe of Calder Capital served as the lead mergers and acquisitions advisor to Jackson Tumble Finish, officials said.
“The sale of a business, especially one built over years of dedication and family involvement, is often an emotional and multifaceted process,” Max Friar, Founder and Managing Partner of Calder Capital, said. “Garrett and our team navigated the transaction with professionalism and care, achieving an outcome that served the best interests of both parties.”
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