Contact Information: Media Contacts: Daniel Rifkin North River Capital (260) 432-2233 extension 202 David Gutierrez Dresner Corporate Services (312) 780-7204 dgutierrez@dresnerco.com
North River Capital Acquires Axle Components Manufacturer
Growth on the Horizon for Wayne Manufacturing
| Source: Dresner Partners
FORT WAYNE, IN--(Marketwire - September 1, 2009) - North River Capital LLC, a Fort Wayne,
Indiana-based equity capital firm, announced today that it has acquired the
assets and business of Wayne Manufacturing Corporation in LaOtto, Ind.
Going forward, the company will operate as Wayne Manufacturing, LLC. Dresner Partners acted
as financial advisors to Wayne Manufacturing Corporation.
Wayne Manufacturing is a leader in the axle component design and assembly
market, providing complex component products to the transportation
industry. The company's capabilities include tool and die design and
manufacturing, metal stamping and forming, robotic and resistance welding,
and complex assembly. Wayne currently supplies over 50 critical components
on 20 leading programs, and maintains the coveted ISO9000: 2008
certification for quality and service.
The company employs 50 people in a modern 110,000 sq. ft. manufacturing
facility on 14 acres in LaOtto, Ind. As part of the transaction, all
management and employees will maintain their current responsibilities,
ensuring that core business operations and customer services will carry
forward without disruption. At the executive level, Monty Dickerhoof and
Ken Gnau will maintain their positions as president and vice-president,
respectively. Additionally, Mr. Dickerhoof will serve on the new board of
directors.
In discussing the deal, Dickerhoof said, "This transaction will provide new
momentum for the company's growth and expansion. Our performance through
the downturn has been pretty solid and I believe the company is
well-positioned to grow in a recovering economy. The addition of North
River Capital's financial strength and management experience will allow us
to take advantage of long-term growth opportunities, which in turn will
provide security and offer career advancement for our employees."
Danny Rifkin, a principal of North River Capital, added, "We're excited
about Wayne Manufacturing, and are looking forward to new opportunities in
the industrial manufacturing sector. We have been impressed with the
company's performance through this cycle and credit excellent leadership
and a dedicated team of outstanding people for this. We are confident that
this culture will serve as a solid foundation for the company's next phase
of growth."
Vince Pappalardo, managing director at Dresner Partners,
stated, "It was a pleasure to facilitate a transaction between such a high
quality company and an equally high quality investor group."
About Wayne Manufacturing
Wayne Tool and Design was founded by the Dickerhoof family in 1963.
Expansion into metal stamping and assembly led to the formation of Wayne
Manufacturing Corporation in 1982.
About North River Capital LLC
North River Capital LLC is a privately-held equity capital firm located in
Fort Wayne, Indiana. Founded in the summer of 2008 by members of the
Rifkin family and other former OmniSource executives, the firm is focused
on a balanced strategy that combines venture capital for new opportunities
with the acquisition of majority positions in companies with significant
growth potential. The Wayne Manufacturing acquisition marks North River's
sixth transaction within its first year of operation.
About Dresner Partners
Dresner Partners is a FINRA-registered, middle-market investment bank based
in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial
advisory services to business owners and managers throughout the world,
including institutional private placements of debt and equity, merger and
acquisitions, and valuation and strategic consulting services. Dresner
Partners is also a member of IMAP, an
exclusive global organization of leading merger and acquisition advisory
services. Its affiliate company, Dresner Corporate Services, is a
strategic communications firm specializing in investor and public
relations. More information is available via the Internet at
www.dresnerpartners.com.