Covington Associates

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November 14, 2023 12:00 AM  |   Covington Associates

Covington Associates Announces Advisory Role in the Sale of United Western Enterprises Inc. to PMA Industries

November 14, 2023 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to United Western Enterprises Inc. (United Western), a company focused on contract manufacturing using photochemical etching technology, in the sale of its business to PMA Industries (PMA), a portfolio company of Ancor Capital Partners. Based in Camarillo, California, United Western is a producer of thin photochemically etched metal parts, with the company offering several value-added services including forming, laser welding, heat treating and metal finishing. Additionally, United Western manufactures wire harnesses and cable assemblies.


The combination of United Western and PMA results in one of North America’s largest photochemical etching contract manufacturers and positions the firm to continue its growth in serving the aerospace, defense, electronics, medical and consumer products industries. The acquisition also provides access to value-add services for the benefit of PMA’s existing customers.


“Today marks an important milestone for our company with PMA’s successful acquisition of United Western,” said Jim Everson, President & CEO of PMA. “Our focus now turns to joining and building on United Western’s experience and capabilities with those of PMA to continue producing quality products focused on value and timeliness for all of our customers.”


“Adding United Western to its portfolio will greatly bolster PMA’s chemical-etching capabilities, further enhancing PMA’s presence in the aerospace, defense, electronics and medical parts industries,” said Ray Kingsbury, Chairman of PMA Industries. “PMA continues to have a strong presence in the photochemical etching manufacturing space under Jim Everson’s leadership, and this acquisition is one more example of how the company continues to be a leader in the market for precision metal parts.”


Terms of the transaction were not disclosed.



Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $30 billion. Further information can be found at



United Western Enterprises is a supplier of thin photochemically etched metal parts to a variety of different markets, including aerospace, medical and commercial electronics. United Western Enterprises was founded in Santa Monica, California, in 1969 as a support facility for a publishing company. Shortly thereafter, United Western Enterprises began producing parts for other companies as a custom job shop.



PMA Industries is a leading photochemical machining contract manufacturer for a variety of markets, including aerospace, medical, electronics and consumer products. PMA was founded in Phoenix, Arizona, in 1982.



Ancor Capital Partners, founded in 1994, is a Dallas-based private investment firm that invests in lower-middle-market companies. Ancor is focused on helping companies reach their next level of growth. Ancor’s experienced investment team has the acumen, expertise, and resources to invest wisely in existing successful companies through private equity buyouts. As a seasoned operating partner, Ancor works to optimize businesses, maximize growth opportunities and instill a lasting culture. With a proven track record of 59 successful acquisitions to date, Ancor targets investments in healthcare, industrial, consumer staples and emerging industries. For more information, please visit

United Western Enterprises Inc. acquired by PMA Industries