HBM Holdings acquires Schafer Industries.
M2 EQUITYBITES-August 3, 2017-HBM Holdings acquires Schafer Industries
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HBM Holdings has acquired Schafer Industries of South Bend, Indiana, the company said.
Terms of the transaction were not disclosed.
Schafer is a producer of high-precision, custom-engineered gears and machined parts for a wide range of applications, as well as transaxles, brake assemblies and other components for off-road vehicles.
The acquisition of Schafer is a continuation of HBM's long-term strategy to acquire and build market manufacturers of industrial products.
Founded in 1934, Schafer is a privately held company operating through two vertically integrated divisions: Schafer Gear Works and Schafer Driveline. Schafer Gear Works manufactures gears that power products across a diverse set of markets and custom applications, including aerospace, industrial warehouse equipment, and general transportation applications found in the automotive, agricultural and construction sectors.
Schafer Driveline is a manufacturer of custom engineered and assembled transaxles and brake components, bringing integrated power delivery solutions to the recreational and off-highway vehicle industries. In total, Schafer operates four facilities in the Midwestern United States, with over 300,000 square feet of manufacturing space.
Doshi, along with his wife Linda, and Stan Blenke, Executive VP and CFO, acquired the business from South Bend Lathe approximately 30 years ago. As a result of their leadership, the company has experienced tremendous expansion organically and through acquisitions. Both Doshi and Blenke will stay involved during a transition period.
Eric Van Rens will become the company's CEO effective immediately. Since 2004, Eric has served as the Vice President, Sales & Marketing for Mississippi Lime, an HBM portfolio company. He also held prior roles in operations, marketing and general management with Astaris and FMC Corporation. Eric holds a BS in Mechanical Engineering from University of Wisconsin and a Masters of Business Administration from Rutgers University.
HBM Holdings is an investment and management company that acquires, supports, and operates middle-market businesses in industrial products and services. The firm's strategy is to grow a diversified portfolio using a long-term buy and build approach.
Founded in 1934, Schafer Industries is a producer of high-precision, custom-engineered gears and machined parts as well as assembled axles, transaxles, transmissions, brake assemblies and other components for a wide variety of industries. An ISO 9001:2015 company, Schafer is headquartered together with an operations facility in South Bend, Ind., and has manufacturing facilities in Illinois and Ohio.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 3, 2017|
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