Date of Acquisition: August 1, 2016
Selling Entity: TC/American Monorail Systems, Inc., St. Michael, Minnesota
Buying Entity: TC/American Crane Company
Company Background: TC/American Crane Company is an industry leader in the manufacture of overhead cranes.
TC/American is a consolidation of Twin City Monorail, American Monorail and Spanmaster. All three companies produced a complementary or similar line of patented track monorails, under-running and interlocking cranes. The integrated company has deep-rooted history dating back to the 1920’s.
Today TC/American Crane Company, with its headquarters in the Twin Cities, operates two (2) manufacturing facilities. One facility is located in Glenwood, Minnesota, with a total of 100,000 square feet which provides fabrication and precision machining. Another facility, located in Waite Park, Minnesota has 106,000 square feet which is used for large crane and special products assembly, large component machining and custom component manufacturing.
Situation: In early 2016 the Lague family ownership group was introduced to Stewart Capital Partners and its partner, Orion Financial, to discuss a sale of the company. The Lague family preferred to find a buyer that would maintain its culture, hire all of its employees, and continue to grow the company in Minnesota.
Outcome: Stew Stender of Stewart Capital Partners and Al Geiwitz of Orion Financial formed TC/American Crane Company to acquire the assets of TC/American Monorail Systems, Inc. Two key senior employees (the long time General Manager and the Controller) of TC/American Monorail Systems, Inc. committed to stay on-board with the acquiring entity plus one of the previous owners, Paul Lague, agreed to join the board of the new ownership entity. In addition, the President of Superior Iron LLC (another entity acquired by Stewart Capital Partners and Orion Financial in 2015) agreed to join TC/American Crane Company as an investor and CEO. The company is focused on building domestic sales while retaining the existing employees, culture and high quality product line. The Buyer will continue to build the professional management team, establish a board of directors, and invest in the company’s growth.
For more information, please visit: www.tcamerican.com