Weinberg & Bell Group Announces Acquisition of Channel Products
Cash Acquisition of Cleveland Area Company
(firmenpresse) - CLEVELAND, OH -- (Marketwire) -- 08/02/11 -- Weinberg & Bell Group announced today the acquisition, together with management, of Channel Products, Inc., a Cleveland area based manufacturer of ignition systems and safety controls for gas appliances. The business was purchased for an undisclosed price and will be owned by a group of private investors led by Weinberg & Bell Group ("WBG") and management.
David Wozencraft, the company's president, will remain with the company in that capacity and as an investor. Mr. Wozencraft said, "We are pleased with our affiliation with WBG and the role they will play in our growth plans. With their track record and support, we anticipate bringing new products and ideas to our customers."
WBG will continue the company's presence in the Cleveland area and plans additional hiring to expand the company's technical and product capabilities. The company currently employs 80 at its Chesterland, Ohio plant and contracts out a portion of its manufacturing in China.
Channel Products manufactures a line of ignition and safety products which ignite, regulate, and monitor gas appliances. It employs a sophisticated piezoelectric technology in many of its products which have residential, commercial, and military applications. WBG acquired the business, which was founded in 1972, from Channel Technologies, Inc. of Santa Barbara, California.
WBG is a Cleveland based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. "Chip" Weinberg, Jr. and Daniel M. Bell. The firm has acquired businesses in mattress manufacturing, outdoor furniture retailing, and pharmaceutical testing for drug companies in various locations around the country. It recently sold a company in the international cargo logistics business based in New York. One of its principals, Ronald Weinberg, recently sold a Cleveland manufacturing company, Hawk Corporation, which he had co-founded with local businessman, Norm Harbert in 1989.
Contact:
Chip Weinberg
216-503-8303
Managing Director
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Datum: 02.08.2011 - 13:49 Uhr
Sprache: Deutsch
News-ID 40782
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CLEVELAND, OH
Kategorie:
Commercial & Investment Banking
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