River Associates Acquires Industrial Magnetics
Chattanooga, TN, February 24, 2012
River Associates has announced today that it has partnered with management to acquire Industrial Magnetics, Inc. (“IMI”), an industry leader in providing permanent magnets and electromagnets for work-holding, lifting, fixturing, conveying and magnetic separation. The transaction closed on February 24, 2012. Terms were not disclosed.
Headquartered in Boyne City, Michigan, IMI is a leading designer and manufacturer of highly engineered customized and standard industrial magnets, including permanent magnets and electromagnets. The Company’s products are used in a wide range of applications including, holding, lifting, fixturing and conveying of metal products as well as removing or recovering metals from a variety of dry or liquid processes. The Company’s customers include MRO suppliers, food processors, manufacturers of conveyors and transportation equipment, construction companies and waste recovery companies.
“River Associates’ experience, management style and track record stood out as clear distinguishing factors during the interview process,” said Bud Shear, CEO of IMI. “We are excited to partner with them during the next phase of IMI’s growth,” he said.
“We were highly impressed with the IMI team from the start.” said Patten Pettway, Partner at River Associates. “Their dedication to producing innovative quality products, providing unparalleled customer service and instilling a tremendous workplace culture should continue to propel the Company to new levels,” he said.
River Associates funded the transaction with equity from its sixth investment fund (River VI, L.P.). Financing was provided by Abacus Finance and Northstar Capital.