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Chicago investors buy Wisconsin foundry
Published March 8, 2007 - BizTimes Daily
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TMB Industries, a Chicago-based private equity firm, has acquired Richland Center Foundry (RCF), a manufacturer of large ductile and grey iron castings.
RCF was acquired from Schneider Fuel and Supply Co. in Milwaukee for an undisclosed price.
Founded in 1963, the Richland Center company manufactures castings weighing up to 2,500 pounds such as transmission housings, exhaust manifolds, turbocharger housings, rotors and stators supporting the manufacturing of mining and construction equipment, locomotive powertrains, pumping equipment, stationary diesel engines and power generation systems.
With the acquisition, John Gerszewski will be promoted from general manager to president of RCF, and Mark Clark will continue as chief financial officer of the firm.
TMB will oversee RCF through its principals, who have experience in managing foundries and industrial businesses.
Thomas Begel, chairman of TMB, said, "We are excited to acquire Richland Center Foundry, a company with an outstanding reputation for product quality, an excellent customer base and a unique set of manufacturing capabilities. TMB looks forward to providing the investment capital and other resources necessary to build upon these strengths and support the needs of RCF's customers."
TMB focuses on creating value through investing in industrial businesses and providing management and operational resources. TMB has acquired 40 businesses since 1989 and generally acquires industrial companies with sales of $30 million to $500 million.
