Written by MARK JAEGER
Wednesday, 11 June 2014 16:03
New York investment firm acquires company; management team intact
The Port Washington-based Modern Equipment Co. is one of the assets acquired by Dunes Point Capital last week when it purchased industrial and chemical businesses owned by Alco Industries.
Terms of the sale were not disclosed.
Modern Equipment is marking its 95th year in business this year.
Company officials characterized the infusion of new capital as a good thing for Modern Equipment.
Modern Equipment President Jim Winistorfer said the company’s management team would remain in place under the new ownership.
Modern Equipment, with its primary manufacturing facility at 369 W. Western Ave., has been serving the metal-casting industry since it was founded in 1919 by Max Goldberg.
The original manufacturing plant was in Milwaukee.
The company makes aluminum melting furnaces under the brand name Jet Melter, ladles and molten metal handling systems, cupolas, inert gas generators and custom ASME pressure vessels.
It also provides subcontract fabrication and machining services for large fabrications and welded parts regionally.
Modern Equipment operates out of a 165,000-square-foot plant formerly occupied by OmniQuip. The company has about 70 employees.
According to a report from Bloomberg Businessweek published last week, Dunes Point Capital is a private investment company based in Rye, N.Y. It was started by former Blackstone Group executive Timothy White.
A news release issued by the investment company explained that equity for the transaction was provided by DPC Investment Partners.
Dunes Point Capital was founded in 2013. It specializes in securing control investments in companies in the general industrial and energy sectors.
The investment firm targets companies with enterprise values of up to $500 million.