Tramec's Management Team and Financing Partners Complete Purchase of Majority Shareholder's Interest
Sep 23, 2021, 19:38 ET
ELK GROVE VILLAGE, Ill., Sept. 23, 2021 /PRNewswire/ -- Tramec is pleased to announce that its management team, partnering with Wells Fargo Strategic Capital and High Street Capital (HSC), has redeemed 100% of MacLean Investment Partner's interest in the company. The deal positions Tramec to accelerate its growth and diversification initiatives in its primary markets and beyond.
"I'm proud of our management team and the strategic approach they took to complete this transaction," said Gary Sullo, President and CEO of Tramec. "It positions our company to execute several initiatives leveraging our core strengths across new markets and geographies."
Wells Fargo's seventeen-year relationship in support of Tramec's past and future growth strategy was instrumental in consummating the redemption of MacLean Investment Partners' shares. High Street Capital's participation was critical to the completion of the transaction and will be instrumental in actualizing Tramec's growth plans.
Dick McClain, an HSC Operating Partner, commented, "Gary and his team have grown their company substantially over the past decade and a half through a strong commitment to their customers and an aptitude for bringing innovative operational, logistical, and bundling solutions to the market. High Street Capital is excited to partner with Tramec to accelerate their growth."
Tramec is a manufacturer and distributor participating in numerous markets, including commercial vehicle, automotive, industrial, HVAC, lawn and garden, recreational vehicle, marine, construction, and agriculture under the brands Tramec Sloan, Tramec Sloan Fleet Engineers Division, Hill Fastener, Tramec Esdan Plastics, Termico Technologies, Tramec Plastics and Composites, and Continental Aero. Tramec prides itself in manufacturing excellence, making most of the products it sells at sites throughout North America and Australia.
For information, contact Gary Sullo, Tramec, at [email protected] or 616-395-5601; Keith Cable at Wells Fargo Strategic Capital; Derek Gollnitz at High Street Capital at [email protected] or 312-423-2658.
SOURCE Tramec LLC
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