Empowered Ventures, an employee-owned holding company based in Carmel, IN., is pleased to announce the acquisition of Firstar Precision Corp. (Firstar), a precision machining company that serves the medical, aerospace, food processing, industrial assembly and hydraulics industries.

Founded by David Tenny in 2000 and based in Brunswick, Ohio, Firstar manufactures custom components using high precision CNC mills, turning centers, wire EDM, gear shaping and laser etching machines. Firstar's talented and tenured workforce has enabled the company to develop a reputation among its customers and within the industry for machining exceptionally tight tolerances and providing outstanding service.

"I am thrilled to welcome Firstar, David, and his team to Empowered Ventures," said Empowered Ventures CEO, Chris Fredericks. "As an employee-owned holding company, we help companies like Firstar by providing a straightforward, low-friction buyout process that results in the employees joining our diversified ESOP. We are thrilled to be part of the next phase of Firstar's journey."

With the acquisition, Firstar's employees join the Empowered Ventures ESOP, which owns 100% of Empowered Ventures and its operating companies. Empowered Ventures brings strategic assistance and resources to support Firstar's continued growth and success. Joining Empowered Ventures reinforces Firstar's commitment to excellent service and quality and enables the company to continue expanding its capabilities.

"With Empowered Ventures' support and the continuing dedication of Firstar's employees, together, we will keep growing the business and meeting the ever-evolving needs of our customers. We have been rooted in the Northeast-Ohio community for a long time, and it was important to me for that to continue," said David Tenny, president of Firstar Precision Corp. "I'm excited to continue leading Firstar and proud to partner with Empowered Ventures."

"By working with Empowered Ventures on their succession planning, an owner can sell their business and receive the peace of mind that comes with transitioning ownership to the employees, which is a win-win outcome for a business like Firstar," said Spencer Springer, vice president of Empowered Ventures. "When employees think like owners, they become more engaged, invested, and strategic. All our businesses have a bright future with the employees leading the way."