Rift Valley Equity Partners, a private investment firm based in New York, has acquired the assets of Tulsa-based M&M Manufacturing, which operates a 50,000sq ft plant and makes precision-machined components for aerospace, defence and industrial applications.

There are plans to raise staff numbers by 20 to 85 by the end of the year; the company will be hiring CNC machinists, CNC programmers and manufacturing engineers, as well as other skilled people.

Rift Valley’s acquisition of M&M, which was founded in 2000 by Kenneth Statton, represents its second aerospace and defence investment (the first was the acquisition of Crow Precision Components in 2014).

David Caputo, managing partner of Rift Valley, said: “M&M is an industry-leading machine shop with an unparalleled reputation for providing the highest quality and exceptional service. As a partner, Rift Valley brings a lot to the table. Together with Crow Precision Components, we will be able to deliver enhanced capabilities to our customers.”