Briggs and Stratton will acquire Allmand Bros.
Wisconsin-based Briggs & Stratton Corporation will be acquiring light tower company Allmand Bros. within the month, the company announced Thursday.
The projected cost of purchasing the Nebraska-based company is $62 million, though the number may change. Allmand Brothers brings in $80 million in sales every year from its light towers, arrow boards and industrial heating products.
"This acquisition helps us to further our strategic initiative of focusing on attractive higher margin, commercial end-use products," Briggs & Stratton chairman, President and CEO Todd Teske said. "The acquisition of Allmand augments our higher margin commercial product portfolio, expands our market access to include the rental channel, and helps diversify our business into industry segments that we do not meaningfully participate in today. In addition, we believe this acquisition will accelerate our sales growth in the U.S. and abroad. We look forward to welcoming the management team and the employees of Allmand to our team, and building upon the strong foundation that has made Allmand a highly successful company."
Allmand Bros. products are sold in 40 countries, and it marked the 75th anniversary of its founding in 2013.
"The combination of Allmand with Briggs & Stratton will provide even more opportunities for our people and our customers,” Allmand Bros. chairman Roger Allmand said. “With a proven track record of operating successfully for over 100 years, we believe that Briggs & Stratton will be able to accelerate our presence globally."
Kodiak Building Partners strikes deal with Barnsco
Kodiak Building Partners has agreed to acquire Dallas-based Barnsco Inc., a fabricator and distributor of rebar and concrete accessories for commercial construction and road-building applications in North Central Texas and Southeastern Michigan.
"We are very excited about joining forces with the Barnsco team," said Kodiak president and COO Steve Swinney. "Combined with Barton Supply, Kodiak’s first acquisition over three years ago, we now boast a diverse footprint for steel fabrication and distribution in Texas, Colorado and Michigan and expect to continue expansion in the steel platform in the months and years to come."
Kodiak chairman and CEO Paul Hylbert commented that the Barnsco acquisition builds upon Kodiak’s expanding presence in the booming Texas market, which also includes Gulf & Basco, Factory Builder Stores and AO Door.
The deal, which is slated to close early in the third quarter, remains subject to standard closing conditions. The exact terms were not disclosed.
Norcraft sees business momentum
Manufacturer of kitchen and bathroom cabinetry Norcraft Companies reported sales and earnings gains for its second quarter.
The Eagan, Minnesota-based company posted net sales of $97.6 million, up 8.1% from the previous quarter. It also saw net income increase from $9.1 million to $11.2 million.
“We are encouraged by our continued improvement on multiple fronts with growth in our net sales, net income and cash flow providing momentum into the back half of 2014,” stated Mark Buller, chairman and CEO. “Our ongoing shift in product mix towards higher end products remains on track for all our divisions as a result of our strategic growth initiatives. Our improved Adjusted EBITDA reflects our vigilant focus on costs, with our net income further benefiting from this focus and our dramatic reduction in interest expense. We are pleased with our progress during the quarter and excited to continue leveraging our well-positioned platform to further drive profits and cash flow.”
The company went public late last year.