FOR IMMEDIATE RELEASE
Richmond, VA (March 2012) – Transact AOCP (Transact) is pleased to announce the acquisition of Haysi, VA-based Superior Fabrication, LLC (Superior), a fabricator of conveyor and other steel components used in the coal mining industry by the Providence Capital Partners One, LP (Providence), a private equity group located in Westbury, NY. Transact served as the exclusive financial advisor to Superior.
Superior has come from humble roots and its success is representative of the entreprenuers who have built it. The company was founded by Leonard “Jody” Mullins over 25 years ago; he was later joined by Samuel Ross in 2007 who helped relocate the company to a more modern facility. From its inception, Superior has grown from a small home operated, part-time business to a well established supplier of fabricated steel products to the coal mining industry. Out of their 31,000 square foot manufacturing facility, Superior produces speciality conveyor and ventilation related components and parts to the mining industry.
Providence is a New York based private equity firm that invests in small manufacturing companies throughout the US and Canada. Providence services will include headquarters support, executive leadership, board management, issue management, government compliance, technology support, website development and treasury services. To learn more, visit www.providencegroup.us.
Both Sam Ross and Jody Mullins were pleased with the transaction and new ownership. According to Sam Ross, President of Superior, “Superior has been very good to Jody and me but like all things, it was time for Jody to retire and pass the torch to the younger generation. We are very pleased that Providence will be carrying that torch forward. It is important to Jody and me that Providence supports faith-based and charitable not for profit projects related to educational, social, spiritual and economic development.”
“When Tony Vincent, of Transact brought Superior to our attention in 2010, we were concerned about the remoteness of location. Upon learning more about Superior’s market niche, we quickly changed our minds and consider ourselves very fortunate to have found this exceptional opportunity. We want to thank Sam Ross, Jody Mullins and our investment partners, Meritus Ventures, LP.” said Timothy Mangeruga, a partner at Providence and newly appointed Chief Executive Officer of Superior. “We recognize the realistic potential for Superior to double, and quite possibly, triple its production and earnings over the next 5 to 7 years. We feel the team in place has the ability and vision to meet this goal.”
Transact Managing Director, Tony Vincent commented, “In November, 2010 Transact was retained by Superior to represent them in the sale of the business. I have been please to see the principals at both Superior and Providence have been dedicated and enjoyable to work with from day one. We had many details to work out but all parties involved remained cordial and professional throughout the entire process.”
About Transact AOCP
Founded in 1999, Transact is an independent mergers and acquisitions advisory firm that specializes in merger/sale advisory, capital-raising services, strategic consulting and valuations to entrepreneurs, corporations and professional investors. With extensive experience in acquiring and operating private companies and divisions of public companies, the firm’s project teams are able to help many business owners effectively exit their companies or explore other opportunities. The Company is headquartered in Richmond, VA with offices in Florida and Kentucky.
To learn more about this transaction and others, call Tony Vincent 804-323-6868 ext. 107 or e-mail email@example.com. You may also visit our company’s website at www.transactaocp.com.