SOUTH BEND, Ind. - January 26, 2021 - (Newswire.com)
Calder Capital, LLC is pleased to announce the sale of Power Manufacturing, Inc. of Elkhart, Indiana, to BAV, Inc., a subsidiary of The Lucas Group.
The Lucas Group is an Indiana-based holding company that now includes Power Manufacturing, Inc., as its fourth company.
Power Manufacturing, Inc., was formed by Mark Roberts and Tim Ott in 2007 when they realized there was an opportunity to provide plastic parts and assembly components to the OEM motorcoach and bus market, as well as supply aftermarket products to coach line operators and public transit systems. The Company has customers in the US and Canada. The business grew quickly as a result of the Company's commitment to quality at an affordable price and its willingness to customize parts for clients.
While the Company enjoyed solid growth, Tim and Mark felt it was time to turn the company over to someone who would be able to grow the company further and add increased levels of operational excellence. After engaging with Calder Capital, the Company received strong interest in the marketplace but, as was the case with most businesses, the company experienced some challenges due to the COVID-19 pandemic during the 2nd quarter of 2020. The Company was able to adapt and provide COVID-related solutions to a large portion of its client base. As a result, the company is today considered a strong provider of solutions for the transit industry and will be well-positioned to serve other portions of their client base as well.
"Hats off to Mark and Tim!" lauded Lead Calder Advisor Pankaj Rajadhyaksha. "I worked with Mark and Tim for almost a year during what has been an extremely challenging time for many companies. They reacted instantaneously to COVID-19 challenges, pivoted creatively, and brought the business back to an even stronger level by the time the sale was consummated. They are excellent businessmen and entrepreneurs and were truly a pleasure to work with. It's a testament to their work ethic and innovation that they were able to generate such strong results in a difficult year."
Stated Mark Roberts and Tim Ott, "Calder Capital did a professional job of creating our marketing materials and we received strong interest from a number of buyers. While we worked through the challenges of COVID-19 and pivoted our business to providing our clients with solutions that helped them manage the challenges related to the pandemic, Pankaj and Calder worked with us and provided positive encouragement throughout the process. We feel we were well represented and would recommend any small to mid-size business owner that is thinking of selling, to consider Pankaj and Calder to represent them."
Pankaj Rajadhyaksha served as Lead Advisor and Calder Capital, LLC served as Power Manufacturing's exclusive M&A Advisory Firm.
For more information please contact info@caldergr.com.
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Original Source: Power Manufacturing, Inc. of Elkhart, Indiana Acquired by the Lucas Group
