Foundation Investment Partners has recapitalized Indiana-based W.A. Jones, a distributor and upfitter of truck equipment. No financial terms were disclosed.
CHAGRIN FALLS, Ohio, Aug. 14, 2019 /PRNewswire/ — Foundation Investment Partners (FIP), a Cleveland-based private equity firm, announced that, in partnership with the founders and management, it has recapitalized W.A. Jones, a leading distributor and upfitter of truck equipment. The investment makes W.A. Jones the fifth platform investment by FIP in its 10-year history. Terms of the transaction were not disclosed.
W.A. Jones, located in Whitley Co. Indiana, was founded in 1880. Today, W.A. Jones has grown to over 45 employees and is the largest independent truck equipment dealer in the state of Indiana. The Company distributes heavy truck equipment and accessories from over 40 major brands, including Boss, Western, Knapheide, Adrian Steel, and Monroe. It also provides the installation and integration of their equipment onto a customer-selected chassis ensuring high quality, functionality and safety.
FIP’s team has extensive experience in the truck upfitting industry through multiple equity and debt investments made during the past twenty years. “W.A. Jones has a unique value proposition in its markets with deep customer relationships. With the recapitalization, we saw the opportunity to partner with really good people to build upon this market position. Our focus, in partnership with the management team, will be on adding systems and people to support growth and enhance the customer experience,” stated David Wood, Managing Partner of Foundation Investment Partners.
“We saw it as a great opportunity to partner with FIP. Their industry knowledge allows us to execute a strategic growth plan and continue to enhance our business while maintaining the high level of customer service we are known for,” said Greg McNeal, the Chief Executive Officer of W.A. Jones.
About Foundation Investment Partners
Foundation Investment Partners is a private equity firm focused on supporting entrepreneurs and management teams in overcoming the obstacles inhibiting the growth and profitability of their businesses. FIP works with business owners to understand both their business and personal needs. Once the needs are identified, FIP builds a conservative capital structure that provides owners with the liquidity they desire while providing the capital to support management’s growth objectives. FIP’s professionals then work as an extension of the management team to drive growth and operational efficiency. FIP focuses on making investments in niche manufacturers, high value-added distributors, outsourced business service providers, and niche software developers with EBITDA levels of $1 million to $5 million.
For more information, please visit: https://foundationpartners.net/contact