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Rand Capital profit from acquisition of Gemcor will add $10 million to Buffalo venture capital firm’s assets

Rand Capital Corp.’s profit from the acquisition of Gemcor will add about $10 million to the Buffalo venture capital firm’s assets.

The purchase of Gemcor, the fast-growing West Seneca company that makes automated fastening systems for aircraft manufacturers, by California-based Ascent Aerospace brought Rand Capital $15.2 million in total proceeds. Taxes and expenses associated with the acquisition will reduce those proceeds to about $10 million, Rand Capital said last week.

Rand Capital’s 31 percent stake in Gemcor was its single biggest investment.