Madison Street Capital

Madison Street Capital, an international investment banking firm, served as exclusive advisor to Innovative Fluid Handling Group (IFH) on its sale to The Mendota Group. IFH manufactures fluid handling and transportation equipment, as well as the manufacturing of hydraulic oil reservoirs and fluid tanks. Charles Botchway, CEO of Madison Street Capital, announced that Senior Managing Director Barry Petersen led the Madison Street Capital team. Terms of the transaction were not disclosed.

IFH is a 3rd generation steel hydraulic and fuel tank manufacturer, primarily servicing Fortune 500 original equipment manufacturers (OEMs). The Company offers over 1,000 stock keeping units (SKUs), including about 550 hydraulic tanks. Operations are performed by the Company’s roughly 250 employees. IFH has gone through several different iterations since its founding in 1943. It has grown and contracted as it has focused on different product and operational focuses over the years. It started as a welding company, eventually evolved into a heavy steel fabricator, and is now focused on tank manufacturing. The Company is uniquely capable to work with a client to manufacture custom products that serve their specific needs.

Jim King, Jr., CEO of IFH said, "The Madison Street Capital team gave us the opportunity to market and sell our company at a time when our business was changing rapidly, and we really needed the help. Barry Peterson and his team put together an impressive documentation of our story and took the time to walk us step by step through the process right up to closing. He kept the process on track through all the challenges while providing invaluable guidance along the way. All in all, the Madison Street Capital group was instrumental in bringing the right partner to the table and helping us complete the transaction. "

Barry Petersen, Sr. Managing Director of Madison Street Capital, who led the engagement, commented: “The Covid-19 induced market conditions added unique challenges during the process, but our understanding of the manufacturing space in the lower middle market and our experience leading successful transactions, were all instrumental to getting a result that made sense to Jim while sustaining his legacy. Jim and his team have been wonderful to work with and I am glad we were able to counsel them through the process to affect a successful transaction. We wish Jim the best and look forward to IFH and The Mendota Group’s bright future.”