Firstar Precision Joins Empowered Ventures: A New Model for Manufacturing Succession

When a precision machining company reaches a turning point, the path forward matters. Firstar Precision Corp., a Brunswick, Ohio-based manufacturer specializing in tight-tolerance components for medical devices, aerospace, and industrial applications, has chosen a succession route gaining traction in American manufacturing: joining an employee-owned holding company.

The move brings Firstar Precision and its workforce into Empowered Ventures, an employee-owned ESOP (Employee Stock Ownership Plan) holding company headquartered in Carmel, Indiana. Rather than a traditional exit strategy, this structure allows founder David Tenny to transition ownership directly to his employees while ensuring the company’s continued independence and growth.

Why ESOP Succession is Gaining Momentum

Empowered Ventures operates on a principle increasingly appealing to second-generation business owners: employees become stakeholders. With 100% employee ownership, the model aligns incentives across the organization. As Spencer Springer, vice president of Empowered Ventures, explains it, “When employees think like owners, they become more engaged, invested, and strategic.”

For a company like Firstar Precision, this transition preserves what makes it successful. The firm, founded in 2000, has built its reputation on precision work—utilizing CNC mills, wire EDM, gear shaping, and laser etching technology to deliver components meeting aerospace and medical standards. Its workforce of tenured machinists and engineers represents years of institutional knowledge that no external buyer would easily replicate.

The Details Behind the Deal

Empowered Ventures, itself born from TVF, a fabric supplier that transitioned to ESOP status in 2010, now operates as a holding company providing both capital and strategic support. The arrangement gives acquired companies like Firstar Precision access to resources while maintaining operational autonomy.

David Tenny remains at the helm as president, underscoring continuity. “With Empowered Ventures’ support and the continuing dedication of Firstar’s employees, together, we will keep growing the business,” he stated. “We have been rooted in the Northeast-Ohio community for a long time, and it was important to me for that to continue.”

What This Means for Firstar Precision

The acquisition opens new possibilities for Firstar Precision without the disruption a traditional buyout might bring. The company serves diverse sectors—medical, aerospace, food processing, industrial assembly, and hydraulics—each demanding reliability and precision. Its ISO 9001:2015 certification and track record of tight-tolerance manufacturing position it well for expansion under the ESOP structure.

Empowered Ventures CEO Chris Fredericks framed it simply: “We help companies like Firstar by providing a straightforward, low-friction buyout process that results in the employees joining our diversified ESOP.”

For Firstar Precision, the path forward combines founder peace of mind with employee investment in the company’s future.