Lurie Besikof Lapidus Private Investment Banking, LLC Announces the Sale of ELO Engineering, Inc. to Demmer Investments II, Inc.
ELO Engineering, Inc. (“ELO”), a complete precision metal fabricator serving the transportation/aviation, medical device, industrial equipment and electronics industries, announced today that it has been acquired by Demmer Investments II, Inc., an entity formed by the shareholders of Demmer Corporation (“Demmer”). Terms of the sale were not disclosed.
Minneapolis, MN, May 05, 2010 --(PR.com)-- ELO’s existing leadership team, including President Tom Owczarzak, will continue in their roles as operators of the business. Owczarzak said, "Lurie Besikof Lapidus Private Investment Banking provided sound advice while guiding us skillfully through the entire process—they found an acquirer that shared the values of our family business: commitment to employees, quality and our customers. I am confident that ELO will fit well and continue to prosper as part of the Demmer family of companies."
For over 38 years, Fridley, Minnesota-based ELO Engineering has been meeting the metal fabrication demands of countless original equipment manufacturers across a variety of industries. The Company utilizes the latest in laser cutting technology, a flexible manufacturing system, CNC machine tools, robotic welding and a full scale liquid/powder paint shop.
Demmer Corporation is a Lansing, Michigan-based vertically-integrated manufacturer that provides fabrication, machining, assembly and integration to companies in the defense, aerospace, automotive, energy, and transportation industries. Demmer employs 1.6 million square feet of state-of-the-art production space to produce components and perform assembly for battle tanks, personnel carriers, bomb-resistant vehicles, and more.
Bill Demmer, President and CEO of Demmer Corporation stated, “We are very pleased to be able to add ELO Engineering to our portfolio of companies in Demmer Investments. It fits excellently in our diversification strategy.”
Sten Sjoberg, Chief Operating Officer of Demmer Corporation commented, “ELO Engineering is a strong addition to our move towards the Transportation sector. They have a very strong customer base and will benefit from the additional capabilities in Demmer Corporation and other companies in the group.”
Justin Besikof, President of Lurie Besikof Lapidus Private Investment Banking, LLC, initiated this transaction and acted as the exclusive financial advisor to the shareholders of ELO Engineering. Besikof said, "It was a pleasure working with the ELO shareholders throughout the process. ELO’s extensive experience and deep customer relationships made it a valuable acquisition candidate. With Demmer Corporation, we found an ideal acquirer who will carry on the ELO tradition of quality, customer service and innovation.”
Legal counsel for the transaction included Gray Plant Mooty advising ELO and Foster Swift Collins & Smith, P.C. advising Demmer Investments II, Inc.
About Lurie Besikof Lapidus Private Investment Banking, LLC
Lurie Besikof Lapidus Private Investment Banking, LLC is a mergers and acquisitions (M&A) advisory firm that specializes in the sale of lower middle market companies in the niche manufacturing, value-added distribution, business services and specialty retail spaces with $5 million to $100 million in annual revenue. Please visit www.lblpib.com for more information.
About ELO Engineering, Inc.
ELO Engineering, Inc. is a complete precision metal fabricator that serves the transportation/aviation, medical device, industrial equipment and electronics industries. ELO utilizes the latest in laser cutting technology, a flexible manufacturing system, CNC machine tools, robotic welding and a full scale liquid/powder paint shop. Please visit www.elo1.com for more information.
About Demmer Corporation
Demmer Corporation, based in Lansing, Michigan, is a vertically-integrated manufacturer that provides fabrication, machining, assembly and integration to companies in the defense, aerospace, automotive, energy, and transportation industries. Demmer employs 1.6 million square feet of state-of-the-art production space to produce components and performs assembly for battle tanks, personnel carriers, bomb-resistant vehicles, and much more. Please visit www.demmercorp.com for more information.
Contact
On behalf of Lurie Besikof Lapidus Private Investment Banking:
Justin Besikof, President
Lurie Besikof Lapidus Private Investment Banking, LLC
(612) 381-8879
jbesikof@lblco.com
On behalf of ELO Engineering, Inc.:
Tom Owczarzak, President
ELO Engineering, Inc.
(763) 571-2820
Tom.owczarzak@elo1.com
On behalf of Demmer Corporation:
Sten Sjoberg, Chief Operating Officer
Demmer Corporation
(517) 321-3600
ssjoberg@demmercorp.com
###
For over 38 years, Fridley, Minnesota-based ELO Engineering has been meeting the metal fabrication demands of countless original equipment manufacturers across a variety of industries. The Company utilizes the latest in laser cutting technology, a flexible manufacturing system, CNC machine tools, robotic welding and a full scale liquid/powder paint shop.
Demmer Corporation is a Lansing, Michigan-based vertically-integrated manufacturer that provides fabrication, machining, assembly and integration to companies in the defense, aerospace, automotive, energy, and transportation industries. Demmer employs 1.6 million square feet of state-of-the-art production space to produce components and perform assembly for battle tanks, personnel carriers, bomb-resistant vehicles, and more.
Bill Demmer, President and CEO of Demmer Corporation stated, “We are very pleased to be able to add ELO Engineering to our portfolio of companies in Demmer Investments. It fits excellently in our diversification strategy.”
Sten Sjoberg, Chief Operating Officer of Demmer Corporation commented, “ELO Engineering is a strong addition to our move towards the Transportation sector. They have a very strong customer base and will benefit from the additional capabilities in Demmer Corporation and other companies in the group.”
Justin Besikof, President of Lurie Besikof Lapidus Private Investment Banking, LLC, initiated this transaction and acted as the exclusive financial advisor to the shareholders of ELO Engineering. Besikof said, "It was a pleasure working with the ELO shareholders throughout the process. ELO’s extensive experience and deep customer relationships made it a valuable acquisition candidate. With Demmer Corporation, we found an ideal acquirer who will carry on the ELO tradition of quality, customer service and innovation.”
Legal counsel for the transaction included Gray Plant Mooty advising ELO and Foster Swift Collins & Smith, P.C. advising Demmer Investments II, Inc.
About Lurie Besikof Lapidus Private Investment Banking, LLC
Lurie Besikof Lapidus Private Investment Banking, LLC is a mergers and acquisitions (M&A) advisory firm that specializes in the sale of lower middle market companies in the niche manufacturing, value-added distribution, business services and specialty retail spaces with $5 million to $100 million in annual revenue. Please visit www.lblpib.com for more information.
About ELO Engineering, Inc.
ELO Engineering, Inc. is a complete precision metal fabricator that serves the transportation/aviation, medical device, industrial equipment and electronics industries. ELO utilizes the latest in laser cutting technology, a flexible manufacturing system, CNC machine tools, robotic welding and a full scale liquid/powder paint shop. Please visit www.elo1.com for more information.
About Demmer Corporation
Demmer Corporation, based in Lansing, Michigan, is a vertically-integrated manufacturer that provides fabrication, machining, assembly and integration to companies in the defense, aerospace, automotive, energy, and transportation industries. Demmer employs 1.6 million square feet of state-of-the-art production space to produce components and performs assembly for battle tanks, personnel carriers, bomb-resistant vehicles, and much more. Please visit www.demmercorp.com for more information.
Contact
On behalf of Lurie Besikof Lapidus Private Investment Banking:
Justin Besikof, President
Lurie Besikof Lapidus Private Investment Banking, LLC
(612) 381-8879
jbesikof@lblco.com
On behalf of ELO Engineering, Inc.:
Tom Owczarzak, President
ELO Engineering, Inc.
(763) 571-2820
Tom.owczarzak@elo1.com
On behalf of Demmer Corporation:
Sten Sjoberg, Chief Operating Officer
Demmer Corporation
(517) 321-3600
ssjoberg@demmercorp.com
###
Contact
Lurie Besikof Lapidus & Company, LLP
Christy Piotrowski
612-377-4404
www.lblco.com
Christy Piotrowski
612-377-4404
www.lblco.com
Contact
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