Moon Tool & Die is a precision machine shop that specializes in custom, complex, made to order, outsourced manufacturing. As an initial piece of the supply chain, their niche customer base is focused within the Energy and Industrial sector. Moon Tool & Die has the experience, equipment and expertise to meet their customers precision machining needs with high quality equipment and standards in any production volume. They focus on delivering value through tight tolerance, high accuracy, precision metal tooling and part manufacturing.
Moon Tool & Die is located in Meadville, Pennsylvania – also known as “Tool City,” a nickname bestowed on this town because there are more tool & die businesses per square mile than any other city in America!
The employees are the differentiator that contribute to the company’s 40 years of success. They have a deep skill set that allows customers to receive expert advice to solve their problem from a manufacturing perspective. This was a key element of Matt’s decision to pursue the purchase of this business.
Matt Jeglinski has an MBA in General Management from Penn State Behrend and spent 15 years working in a variety of manufacturing business leadership positions. For years, he dreamed of owning his own business, but was held back by the usual factors of work, family, money and time. In 2016, Matt made the decision to jump into business ownership, so he began the search for a company that would be a good fit. Two and a half years later, through networking and information gathering, he built up enough confidence to make the leap of faith. When Matt learned of the opportunity to purchase Moon Tool & Die, he visited the company and became determined to take the steps required to make an offer and initiate the negotiation process.
Matt considered several financing options within FNB for the Business Acquisition loan. After considering all the pros and cons of each, he chose the SBA loan because it provided a better initial cash flow position for the short term. With this being a significant purchase for his family, he wanted to make sure they could ride the cyclical waves of the economy. Matt worked with T.J. King, our Business Development Officer in Erie, PA to successfully complete the SBA 7(a) Business Acquisition loan.
Mr. Jeglinski had this to say about working with T.J. and the FNB Small Business Finance team:
“T.J. was very helpful in working through and explaining the entire process, what to expect in terms of timing, and providing his insight on the deal itself. We met several times and talked about a variety of scenarios that helped me understand what to do and what to be expecting. I had a million questions that T.J. answered. The SBA team gave me the confidence to do this and all the planning has paid off, three months into this venture the numbers have landed exactly where they should be! TJ helped create a seamless process to a complex transaction. I feel that FNB has given me a chance for the opportunity to live my dream, grow this business and bring great things to our home community here northwestern Pennsylvania. I would recommend T.J. and First National Bank to others – in fact, I already have!”
The deal for Moon Tool & Die, a division of Jeglinski Group Inc., closed on December 28th, 2018. Since then, Matt Jeglinski has taken the reins of the company and continues to integrate into his new role as a business owner. We look forward to watching this company grow and succeed!