Conforma Clad uses a proprietary process for applying tungsten carbide coatings to metal substrates to substantially improve wear and corrosion resistance. The company produces components and provides custom coating services for oil drilling, plastic extrusion, power generation and several other industrial applications. Jacobson Partners purchased Conforma Clad in 1996. Post-investment, Jacobson Partners replaced senior management, discontinued unprofitable product lines, consolidated facilities and expanded into new markets with its proprietary technology. Cash flow margins improved to 40%, which enabled the Company to retire subordinated debt and pay a special dividend. In 2004, the Company was sold to Kennametal Inc. for a total return to investors of 7.3x the initial investment.