IST unites with Edmond Lim in Canada
Lansing, Mich.-based Integrated Stealth Technology (IST) announced a business alliance with Edmond Lim, to ensure continuity of attention to Canadian component manufacturers as the housing market continues to recover, the company said.
IST installs new and refurbished table systems in Canada and the United States, including auto puck jigging system installations.
“Traditionally the Canadian component industry heats up months before the U.S.,” said Ed Joseph, president and owner of IST. “I have also been busy in the U.S., but the Canadian component manufacturers are really gearing up. There is no one more qualified to handle my business in Canada than Edmond Lim."
"Ed Joseph and I were very competitive over the years,” said Lim. “More times than not, IST (Ed Joseph) would earn the sale if no auto jigging system was required. I (Edmond Lim) would earn the sale if an auto jigging system was required. However, if it was a retrofit jigging system, none of us would get the sale. I am glad to announce that IST now has a retrofitable Auto Puck Jigging System with a unique upgrade proposition."
Generation Growth Capital to sell Martell Construction
Short of disclosing further details regarding the transaction, private equity fund Generation Growth Capital, Inc. has announced the sale of Martell Construction, Inc.
“We are very pleased with our investment in Martell and wish the ownership group continued success in taking the company to the next level,” said Cory Nettles, managing director of GGC.
GGC initially invested in Martell in December 2008. The construction services company delivered strong results in the period that followed, maintaining solid margins and realizing a two times cash on cash return in the recession economy.
“GGC was a great partner that helped us establish operational and financial systems that allowed us to better manage the business,” said Mike Carney, former president of Martell. “GGC’s approach to investing for growth worked out well for the company.”
“GGC took a good company and made it much better. We look forward to growing the business and creating more good-paying jobs in our community,” said Brian Begotka, VP/treasurer at Martell.
The Green Bay, Wisc.-based construction company primarily acts as a subcontractor on large projects and specializes in sidewalks, curb and gutter, and concrete pavement.
After 39 years, McCoy’s executive resigns
Greg Pannell, VP merchandising and vendor relations at San Marcos, Texas-based McCoy’s Building Supply resigned after 39 years of service.
Pannell has been aggressively battling melanoma since 2011. Upon the advice of his doctors, he made the decision to leave the company effective the week of Aug. 26, 2013.
Holder of the sixth longest tenure at McCoy’s, Pannell began his career in Lubbock, Texas, where he labored alongside future president and CEO Brian McCoy. “Greg and I first met in our then-Lubbock yard in 1974. He was all of 20 years old, and I was only 18,” shared McCoy. “Our friendship grew from that day on, and our working relationship has been a very special one.”
Pannell rose in the ranks to serve as an assistant manager at McCoy’s locations in Sherman, Lubbock and Brownwood. He was chosen by Emmett McCoy to manage the Sherman store, and afterwards accepted “upward” store management positions in Harlingen and the prosperous and fast-paced Odessa location (in the midst of the oil boom in the late 1970s).
When the executive team was formed in 1998, he was appointed VP merchandising and vendor relations.
Pannell served as a board member of the Lumbermen’s Association of Texas for many years, and on the Customer Advisory Councils for Louisiana-Pacific, Potlatch, Johns Manville, True Value and TXI.
Said Pannell: “I was lucky enough to hold a significant position within this exceptional organization, and above all I appreciate the opportunity to ‘contribute’ for 39 years. I’m very grateful for the support I’ve received these past two years, and the transition to a consulting role means the world to me. I’m blessed in so many ways.”