Industrial Magnetics Acquires Prater Sterling
Chattanooga, TN, May 16, 2014
River Associates Investments, LLC (“River Associates”), a leading lower middle market private equity firm based in Chattanooga, TN, announced the acquisition of Prater-Sterling (“Prater Sterling”) by its portfolio company Industrial Magnetics, Inc. (“IMI”). The acquisition closed May 16, 2014. Terms of the transaction are not being disclosed.
Prater-Sterling specializes in developing and manufacturing equipment in size reduction, separation, metering, compacting and batch weighing as well as control systems for applications including food processing, chemical and agriculture, minerals and pharmaceuticals. Established in 1961, Industrial Magnetics, Inc. is an industry leader in innovative magnetic solutions designed and engineered to meet the specific needs of its customers in applications ranging from particle separation to material handling.
Bud Shear, CEO of Industrial Magnetics, states, “IMI and Prater-Sterling share many of the same key customers and channel partners and both companies have successfully carved out a niche in providing engineered solutions. The efficiencies to be gained from a design and manufacturing perspective will be beneficial to the entire customer population. This is a strategic acquisition that makes sound business sense for these and other reasons.”