NEW CANAAN, CT, November 9, 2017 — Gridiron Capital, LLC (“Gridiron Capital”), a private investment firm, is pleased to announce the sale of Ramsey Industries, Inc. (“Ramsey”) a leading manufacturer of service cranes, industrial and commercial winches and planetary gear drives. The transaction closed on November 6th, 2017.
Gridiron Capital originally invested in Ramsey in 2006 and built on Ramsey’s foundation of the Auto Crane® and Ramsey Winch® brands by acquiring Eskridge® in 2007. During the Great Recession, Gridiron Capital intensively supported the Ramsey management team to ensure that the business weathered the economic storm and continued its growth. During Gridiron Capital’s holding Ramsey expanded its management team, significantly increased margins and cash flow, shortened lead times, introduced numerous new products, expanded its intellectual property portfolio and diversified its end markets and customer base.
Joe Saldutti, Managing Director of Gridiron Capital and Board member of Ramsey stated: “We are extremely proud to have grown the legacy of Ramsey and its brands. Ramsey’s team performed extremely well, at times in difficult economic circumstances, to deliver healthy and positive returns to all stakeholders. Personally, it was extremely rewarding to have successfully partnered with the Ramsey team and we’re confident that they will continue to build on their success as Ramsey continues its strong growth.”
John Celoni, CEO of Ramsey, remarked that “Joining the Ramsey Industries family in 2009 was certainly a challenge and excellent opportunity all in one. The support received from the Gridiron Capital team during the Great Recession was phenomenal. We weathered that storm working side by side driving operational and financial excellence while creating a continuous improvement culture. This positioned the Ramsey Industries team and brands for an extremely bright future and continue to be a leader in their industries!”
Gridiron Capital Co-Founder and Managing Partner Tom Burger said, “We’ve enjoyed working with the Ramsey management team and our longstanding partnership with the Company. Ramsey is well positioned to continue to be a leader in the market. We are confident that the Company and the management team will enjoy future success with their new partner.”
BB&T Capital Markets served as financial advisors and Benesch, Friedlander, Coplan & Aronoff LLP served as legal counsel to Ramsey.
Founded in 1944 in Tulsa, Ramsey Industries is comprised of three subsidiaries: (i) Auto Crane, (ii) Ramsey Winch and (iii) Eskridge. Under the Auto Crane® brand, the company provides a comprehensive line of truck-mounted telescopic cranes, crane service bodies and accessories. Under the Ramsey Winch® brand, the company offers a broad range of industrial and consumer winches. Eskridge® manufactures high-torque planetary gear drives, auger drives and multiple-disc brakes for OEM and distribution customers. Products are sold through a network of truck equipment dealers and OEMs to a diverse group of end-user markets including non-residential construction, oil and gas, towing and recovery, municipal, mining and energy/utilities.
About Gridiron Capital
Gridiron Capital, LLC is a private equity firm focused on creating value by acquiring and building middle-market niche manufacturing, business services and specialty consumer companies in the United States and Canada. Gridiron Capital’s principals work closely with management teams to develop strategies for portfolio companies, as well as providing resources to execute business plans and build industry-leading companies. Additional information is available on the firm’s website at www.gridironcapital.com.
Thomas A. Burger, Jr., Managing Partner, Gridiron Capital