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Pfingsten Partners, L.L.C., Deerfield, IL, has acquired Happ Controls, Inc., Elk Grove Village, IL, an estimated $50-million national manufacturer and distributor of parts and accessories for coin-operated amusement games, slot & video gaming and vending machines. Pfingsten plans to build on the company's foundation through a combination of organic growth and strategic acquisitions. Pfingsten launched a $284-million equity fund, its third, in April to build an acquisition portfolio of mid-market manufacturing, distribution and specialty publishing companies, reported in the May 10 issue of MDM. See article here.
Interline Brands, Inc., Jacksonville, FL, said its newly formed parent corporation has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission for an initial public offering of the parent's common stock. The offering will be made by an underwriting syndicate led by Credit Suisse First Boston LLC and Lehman Brothers Inc. See article here.
Ryan Herco Products Corporation, Burbank, CA, has transitioned ownership to a group of its executive management team: Frank Gibbs, Larry King, Joe Nassar, and Randy Beckwith. The company was purchased from long-time owners Brian Bowman and Terry O'Brien. Ryan Herco Products is a national distributor of fluid handling products for clean and corrosive industrial applications. The company has 22 locations in major manufacturing areas throughout the U.S.
April U.S. machine tool consumption totaled $211.03 million, according to the Association For Manufacturing Technology and the American Machine Tool Distributors' Association. This total, as reported by companies participating in the United States Machine Tool Consumption program, was down 25.5% from March but up 45.2% from the total of $145.30 million reported for April 2003. With a year-to-date total of $829.80 million, 2004 is up 46.2% compared with 2003.See article here.
The newly formed Industrial Supply Association (ISA) announced that John Buckley, a supply and distribution veteran, will be the executive vice president of the organization. ISA was recently formed from the consolidation of two associations, the Industrial Distribution Association (I.D.A.) and the Industrial Supply Manufacturers Association (ISMA). Buckley will lead the transition to a single organization representing MROP manufacturers and distributors. The voting members of both organizations approved this consolidation in May.
"John Buckley is exactly the kind of strong, skilled person we need at the helm of this new association," said Ray Reynertson, president of ISMA. "Buckley's unique combination of experience in managing non-profits and his knowledge of the industrial supply and distribution channel make him the perfect fit for the job," added Jim Beckstein, president of I.D.A. Buckley has served as president of the National Paper Trade Association, president of the Paper