12075 N. Corporate Parkway, Suite 120 | Mequon, WI 53092
[email protected]

Built on Trust. Defined by Results.

Deal Room
Deal Room

Northstar Metal Products

Our team advised Northstar Metal Products on its sale to IMS Companies.

Northstar Metal Products has been acquired by IMS Companies

Transaction Details

Sell-Side Advisor

Year: 2026

Client: Northstar Metal Products

Hedquarters: Glendale Heights, IL

Industry: Industrials & Manufacturing

Website: www.northstarmetal.com

Overview

Completed by the Vantage Investment Banking team under a prior firm, Northstar Metal Products, Inc. (“Northstar”), a leading precision sheet metal fabricator providing high-quality manufacturing and assembly services worldwide, has been acquired by IMS Companies (“IMS”).

About Northstar Metal Products

Founded in 1994 and headquartered in Glendale Heights, IL, Northstar Metal Products is an ISO 9001:2015 certified precision sheet metal fabricator with over 30 years of experience providing vertically integrated manufacturing and assembly services to OEMs across the country and worldwide. Northstar’s capabilities span CNC laser cutting, forming and bending, robotic welding, powder coat painting, and a range of additional in-house processes. The Company serves a diversified customer base across high-growth end markets including data centers, electric utility metering, EV charging, and medical, among others.

About IMS Companies

Headquartered in Des Plaines, IL, IMS is a diversified group of North American contract manufacturers providing innovative manufacturing solutions to OEMs across the appliance, automotive, commercial vehicle, communications, consumer, electronics, medical, and industrial end markets. IMS’ platform includes Buhrke-Olson (precision metal stampings and mechanical assemblies), Global Gear & Machining (gears, pulleys, and precision machined components), IMS Engineered Products (custom enclosures, sheet metal fabrications, and electro-mechanical assemblies), and Electrol (custom cable, wire harness, and electro-mechanical assemblies). IMS operates six manufacturing facilities totaling nearly 800,000 square feet across the U.S. and Mexico and holds top industry certifications including TS 16949:2016, ISO 9001:2015, and ISO 14001:2015.

Deal Team

Vantage Investment Banking
Bill Penkwitz

Bill Penkwitz

Partner
Alex Penkwitz

Alex Penkwitz

Vice President

PREVIOUS PROJECT
NEXT PROJECT
x

Built On Trust. Defined By Results.

We specialize in investment banking for privately held businesses, offering expert guidance and fresh perspectives. Contact us to learn more and explore your options.

Address
12075 N. Corporate Parkway, Suite 120 
Mequon, WI 53092
Get In Touch
[email protected]
x

Alex Penkwitz

Vice President & Co-Founder

262-339-8772

[email protected]

Biography

Working in the middle market investment banking industry since 2020, Alex is responsible for leading the day-to-day execution of M&A transactions for the Vantage Investment Banking team. His responsibilities span all phases of the transaction process, including financial modeling and valuation analysis, preparation of marketing materials, buyer and investor outreach, and coordination of due diligence activities. He plays a central role in managing timelines, facilitating communication between clients and counterparties, and supporting negotiations to ensure smooth execution.

Alex has advised on more than 25 M&A, Debt Placement, and Capital Raising transactions across multiple industries, including industrials & manufacturing, business services, technology & IT services, consumer products, and food & beverage. His experience working with both privately held businesses and institutional investors gives him a well-rounded perspective on the strategic, operational, and financial considerations that drive successful outcomes.

Alex holds a BBA in finance from Marquette University, centering his education around investments and participating in the Accelerating Ingenuity in Markets (AIM) Program. 

Featured Transactions

Northstar Metal Products has been acquired by IMS Companies
Northstar Metal Products
Golner Precision Products has been acquired by G3 Industries
Golner Precision Products
Regal Ware has secured financing from Mountain Ridge Capital
Regal Ware
Tollefsen Steel & Fabrication
Tollefsen Steel & Fabrication
x

Bill Penkwitz

Partner & Co-Founder

414-559-3519

[email protected]

Biography

Bill brings more than 25 years of investment banking experience, previously founding and building a boutique investment banking firm focused on advising middle market companies on mergers and acquisitions, debt placements, capital raising, and strategic advisory transactions. Over the course of his career, he has advised on more than 150 transactions across a wide range of industries. Bill remains active in the greater Milwaukee community, serving as a board member of several Wisconsin-based organizations and a shareholder in a number of privately held businesses.

Bill’s extensive experience gives him a unique perspective on both the advisory and operational sides of businesses, allowing him to provide thoughtful, senior-level guidance to business owners, management teams, and investors. Bill remains actively involved in all aspects of client engagements, ensuring each process benefits from his deep industry knowledge and leadership.

Prior to entering investment banking, Bill spent several years with U.S. Bank Capital Markets where he personally arranged over $200MM in structured finance transactions. Bill earned his Masters Degree in accounting and received a BBA in finance from the University of Wisconsin-Milwaukee and has passed the CPA exam.

Featured Transactions

Northstar Metal Products has been acquired by IMS Companies
Northstar Metal Products
Golner Precision Products has been acquired by G3 Industries
Golner Precision Products
Regal Ware has secured financing from Mountain Ridge Capital
Regal Ware
R.R. Streets has secured replacement and growth capital from 1876 Ventures.
R.R. Street & Co.