Dresner Partners Advises Wayne Manufacturing in its Sale to North River Capital
|Wednesday, September 2, 2009|
FOR IMMEDIATE RELEASE
NORTH RIVER CAPITAL ACQUIRES AXLE COMPONENTS MANUFACTURER
Growth on the Horizon for Wayne Manufacturing
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.”
About Wayne Manufacturing
About North River Capital LLC
About Dresner Partners
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