Owatonna, Minn.-based Wenger Corp. has acquired Syracuse, N.Y- based J.R. Clancy Inc., a designer, manufacturer and installer of stage rigging equipment for colleges, television studios, cruise ships theatrical venues. Terms of the deal were not released. Wenger is a maker of specialized equipment for music education and theatre. M&T Investment Banking Group, a division of M&T Bank, advised J.R. Clancy on the deal.
Owatonna, Minn.-based Wenger Corporation, a privately held maker of specialized equipment for music education and theatre, has acquired Syracuse, N.Y- based, J.R. Clancy, Inc., the leading U.S. designer, manufacturer and installer of stage rigging equipment for colleges, television studios, cruise ships theatrical venues. M&T Investment Banking Group, a division of M&T Bank, advised J.R. Clancy on the deal. Terms of the transaction were not disclosed.
“Wenger products are found just about anywhere people practice or perform music and theatre. J.R. Clancy is well-known for its innovation and expertise in developing stage rigging equipment used in those very same facilities,” said Stuart Smith, managing director in M&T Bank’s Investment Banking Group. “So the acquisition broadens the range of products that Wenger can offer its domestic and international clientele.”
“We chose M&T’s Investment Banking Group because of their experience with middle-market transactions,” added Bob Theis, chairman and CEO, J.R. Clancy, Inc. “Our goal was to find a deal that did the most good for the most people, including employees and customers. We accomplished that with M&T’s help.”
The acquisition means Wenger and J.R. Clancy can now offer their respective clients a broader range of solutions. Wenger and J.R. Clancy say they expect the deal to increase sales. Wenger’s annual revenues top $100 million. J.R. Clancy, a 126-year-old closely held firm, has annual revenues of more than $30 million. Wenger offers acoustical products, conductor’s equipment, staging and risers, stands, storage products, fixed audience seating and orchestra pit fillers. Wenger sells its products to schools, colleges, performing arts theatres and other adjacent markets.
Buffalo-based M&T Bank operates retail and commercial bank branches in New York, Pennsylvania, Maryland, Virginia, West Virginia, New Jersey, Delaware, Florida, the District of Columbia and Ontario, Canada. M&T Investment Banking Group, a division of M&T Bank, is based in Baltimore.