WestView Capital Partners has sponsored a recapitalization of Peerless Industrial Group Inc.; a Winona, Minn.-based manufacturer of chains, fittings, wire forms, tire chains wire rope and cordage. No financial terms were disclosed.
Peerless Industrial Group, Inc. (Peerless) announced that WestView Capital Partners, in partnership with existing management, has recapitalized the company. Founded in 1917, Peerless has grown to be the largest chain manufacturer in North America through a strong focus on quality, product innovation and customer service. Peerless is comprised of Peerless Chain Company, ACCO Chain Company, Jeannette Custom Lifting Devices and Weissenfels USA.
As part of the transaction, current President, Tom Wynn, has been appointed President and Chief Executive Officer of Peerless. Wynn commented that, “We are all extremely excited about our partnership with WestView. Through the hard work and dedication of all our employees, we have built Peerless into an industry leading company. This transaction will help us to continue to provide quality products and services to our customers and enable us to expand our market share in the years ahead.”
The current management team will continue to lead Peerless and the company will continue to operate in Winona, Minnesota and its current satellite locations in Pennsylvania and Rhode Island.
“We are very excited to partner with this outstanding management team. Peerless fits well within our strategy of financing best of breed companies and supporting them as they continue their track record of outperformance,” said Carlo von Schroeter, managing partner at WestView. “Peerless has a long track record of providing value to its customers. We believe that there are significant future opportunities through continued organic growth, new product development and acquisitions”, commented Jonathan Hunnicutt, general partner at WestView.
Peerless Chain Company was established as a manufacturer of tire chains in 1917 and expanded into hardware and industrial chain and wire forms by the 1960s. By the late 1970s Peerless Chain had entered the overhead lifting market. Today the Peerless Industrial Group is recognized as a national leader in the chain and fitting industry with a reputation for excellence in product quality and service. More information is available at www.peerlesschain.com. Peerless Industrial Group YOUR LINK TO QUALITY, STRENGTH AND SERVICE SINCE 1917.
About WestView Capital Partners
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalization, buyout, growth and consolidation transactions. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com