acquisition Archives

Reading’s Northeast Spring acquired by Iowa firm

Reading-based Northeast Spring has been acquired by Iowa Spring as of Sept. 15, expanding the Adel, Iowa, company’s presence as a supplier of precision-made springs for the overhead door, construction, agriculture and recreational equipment industries worldwide.

Primarily serving the overhead door industry, Northeast Spring is a family-owned and operated business that has supplied custom-made springs for over 25 years. Its operations include both its Reading headquarters as well as its Villa Rica, Georgia, facility. The company name and management team will remain the same with founder John O’Leary remaining onboard for the next three years to ensure a successful transition.

Iowa Spring President and CEO Tim Bianco will oversee operations of Northeast Spring in addition to its three existing facilities: the original Iowa Spring facility; its recent 55,000-square-foot expansion; and its sister company, Southern Atlantic Spring of Granite Quarry, North Carolina.

With the addition of Northeast Spring, the Iowa Spring group of companies encompasses 375,000 square feet of manufacturing space.

“Our team has worked tirelessly for more than two decades to build a highly respected company that is focused on family values, quality and integrity,” O’Leary said in a release. “With so many spring companies being acquired by large private equity groups, it was essential to me to find a like-minded buyer that could be trusted to keep our team intact and who could uphold our company’s legacy and reputation. Iowa Spring is a perfect match, and I am confident in knowing that Northeast Spring will be in good, capable hands moving forward.”

Bianco added: “I am so proud to be able to offer a place for Northeast Spring’s legacy to continue. John O’Leary and his team have built a thriving business with an outstanding reputation.”

Paula Wolf is a freelance writer

Eastern Time Inc. acquired by San Francisco company

Allentown-based Eastern Time Inc. has been acquired by Sciens Building Solutions, headquartered in San Francisco.

This expands Sciens’ presence in Pennsylvania, where it has businesses in Plymouth Meeting (Electronic Security Solutions) and Perkiomenville (Anchor Fire Protection). Eastern Time is focused within Northeast and Central Pennsylvania; it has been operating since 1982 with a main office in Allentown and two satellite locations in Wilkes-Barre and Chambersburg.

A full-service life safety systems integration company, Eastern Time is active in all sectors of the life safety systems vertical markets, including education, business, health care, institutional/prison, industrial/warehouse, government/military, property management and casino/entertainment venues, a release said.

Backed by The Carlyle Group, Sciens is a holding company focused on the fire detection and security services sector. This includes the design, installation and provision of maintenance services for fire detection and clean agent fire suppression systems in a variety of commercial, institutional and government facilities.

“Sciens offers outstanding technical expertise and comprehensive building solutions, not only in the great state of Pennsylvania but across the country,” said Chuck Rizzo, president of Eastern Time Inc. “This, combined with Eastern Time’s capabilities, will allow us to develop broader life safety offerings for the ever-growing Northeast and Central Pennsylvania market. With family-focused divisions in this general vicinity and beyond, we knew Sciens was the right fit for us because of their values, culture and industry know-how.”

Rizzo started Eastern Time in 1982 at age 29. His two sons, Marc and Bryan, entered the business 17 years ago and have led the executive management team for the past six.

Sciens’ CEO Terry Heath added: “With its customer-first focus and excellent reputation in an area that Sciens has been a part of since early 2022, Eastern Time is a phenomenal addition to our family,” said Terry Heath, Sciens’ CEO. “We look forward to continuing to serve existing and new customers with even more comprehensive offerings in this region with the help of the very capable team at ETI.”

Paula Wolf is a freelance writer

McConkey Insurance & Benefits acquires Berks County firm

York-based McConkey Insurance & Benefits recently acquired Gallen Insurance Agency of Berks County.

McConkey Insurance, a locally owned and independently operated insurance agency established in 1890, said the acquisition is part of its growth plan.

“The acquisition of Gallen Insurance Agency not only expands McConkey’s geographic footprint but also reinforces its mission to support neighboring communities by providing them with comprehensive insurance coverage,” McConkey said in a statement.

Gallen Insurance Agency, which has operated in Berks County since 1957, has established a strong reputation for its client-centric approach and commitment to excellence, McConkey said.

“As a locally owned and operated agency, we are committed to serving our community and supporting our neighbors,” said Michael Harter, president and CEO of McConkey Insurance. “We are thrilled to welcome Gallen Insurance Agency to the McConkey family, as their dedication to exceptional service and client satisfaction aligns perfectly with our own values. We look forward to expanding our reach and delivering top-notch insurance solutions to clients in Berks County.”

In its statement, McConkey Insurance said, “Recognizing the shared values and a mutual dedication to exceptional customer service, McConkey identified Gallen Insurance Agency as a perfect fit for its expansion strategy.”

The York firm said the acquisition allows it to leverage its local expertise and resources to benefit clients in the Berks County and Greater Reading communities. By combining the strengths of both agencies, McConkey said it can provide a broader range of insurance options that address the unique needs of businesses and individuals in the area.

“Having been an active and devoted member of the Berks County community for 45 years, Gallen Insurance has truly embraced the spirit of giving back,” said Ann Gallen Moll, of Gallen Insurance. “Through forming meaningful business relationships, volunteering tirelessly, and supporting numerous community events, we have made a lasting impact. Choosing to embark on this new journey alongside the McConkey team is a genuine blessing; a testament to our devotion to our staff and clients, as we continue to uphold our legacy of positive impact and service.”

Bracalente Manufacturing Group acquires Quakertown firm; seeks LV partnership

Trumbauersville, Bucks County-based Bracalente Manufacturing Group recently purchased Millennium Manufacturing Inc. of Quakertown.

The acquisition of Millennium will help grow the groups specialized CNC milling, turning, multi-spindle manufacturing capabilities as it expands its footprint in aerospace, EV, electromechanical automation and tactical markets, Bracalente said.

The expansion includes seeking partnerships and opportunities in the Lehigh Valley, Bracalente said.

Bracalente Manufacturing Group, a privately-owned third-generation manufacturing company, said it has grown significantly over the past few years, increasing capacity and sales by more than 50%.

“The acquisition of Millennium Manufacturing is part of our growth plan. We are excited to bring the unique capabilities of the Millennium team to our group.” said Ron Bracalente, CEO and president of Bracalente Manufacturing Group. “We’ve increased our capacity to meet the demand of our customers. This deal strengthens our U.S. presence with additional talent that specializes in our unique manufacturing offerings. It’s a win for us.”

The undisclosed financial deal is part of the Bracalente expansion initiative, with the addition of several multi-million-dollar automated machining cells, an expanded sales team and a culture of continuous learning and cross-training for the more than 130 employees stateside, Bracalente said.

Bracalente was founded in 1950 as a screw machine shop in the family’s garage. Bracalente said the company is now a global manufacturer producing specialty components for some of the largest global brands.

Bracalente said it serves its customers through a global supply chain with sourcing offices in India, Vietnam and China as well as an expanded, climate controlled wholly foreign owned enterprise (WOFE) factory in China.

“These resources coupled with our headquarters and newly acquired factory outside of Philadelphia places our company in a great position to grow with our existing customers and develop new relationships,” Bracalente said.

“The Bracalente name is synonymous with quality in our industry,” said Dave Fricke, owner of Millennium Manufacturing. “Ron has continually invested in his people, equipment, and the trade. Deciding to be part of that legacy for our team, allows them the opportunity to thrive.”

Bracalente said it is committed to not only growing their manufacturing footprint but also expanding their impact through partnerships and opportunities in the Lehigh Valley.

Manufacturing represents 18% of the Lehigh Valley’s economic output, a larger percentage of GDP than the U.S. economy (12%), Bracalente said.

Bracalente said it has committed money, resources, and time to attract, teach and hire new manufacturing talent.

“Over the last decade, we’ve donated more than $250,000 to our local trade schools, through our foundation, the Silvene Bracalente Memorial Foundation,” said Dave Borish, vice president of Operations, Bracalente Manufacturing Group. “We partner with the schools to help improve the image of manufacturing, attract new talent and work with our trade organizations and other manufacturers to ensure the pipeline of students coming into our trade is continuous.”

Overstock acquires Bed Bath & Beyond brand

Salt Lake City-based Overstock.com has acquired the intellectual property assets of Bed Bath & Beyond for $21.5 million under a Bankruptcy Court supervised process.

On its website, Overstock.com said it the assets acquired include website and domain names, trademarks, tradenames, patents, customer database, loyalty program data and other brand assets related to the Bed Bath & Beyond banner.

Bed Bath & Beyond filed for bankruptcy April 23.

“This acquisition is a significant and transformative step for us,” said Overstock CEO Jonathan Johnson. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace. The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth.”

Overstock is an on-line retailer of indoor and outdoor furniture, home décor, area rugs, and other home furnishings products. Customers of Bed Bath & Beyond will be able to access the assortment Overstock offers, along with the kitchen, bedding, and bath-related products for which Bed Bath & Beyond has been a destination for over 30 years, Overstock said.

Overstock plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in the United States.

New and existing customers of both Overstock and Bed Bath & Beyond will experience a single online shopping destination — bedbathandbeyond.ca in Canada and bedbathandbeyond.com in the U.S., Overstock said.

“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” Johnson said. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”

The U.S. Bankruptcy Court for the District of New Jersey approved Overstock’s winning bid at a sale hearing on June 27.

The transaction excludes any asset associated with the brick & mortar business of Bed Bath & Beyond, Inc. including store leases, inventory, warehousing, and logistics infrastructure.

The buybuy Baby and Harmon banners and their assets formerly operated by Bed Bath & Beyond, Inc. are also excluded from the transaction.

EnerSys to develop U.S. lithium battery gigafactory with French partner

Reading-based EnerSys, a manufacturer of stored energy solutions for industrial applications, has entered into an agreement with Verkor SAS, a European leader in battery technology, to explore the development of a lithium battery gigafactory in the U.S.

The companies are designing plans, determining the best location for a new factory, and evaluating funding and operating structures for the manufacturing plant. The facility represents a long-term opportunity for growth for both companies, according to a release, and will allow EnerSys to optimize cell sizing in battery solutions for its customers, providing independence from non-domestic cell suppliers.

EnerSys manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide.

France-based Verkor has developed a proven process for designing and manufacturing electrodes, battery cells and modules, the release noted. The company is rapidly increasing its production capacity in France, with a 150 megawatt-hours per year pilot line in Grenoble and a first gigafactory of 16 gigawatt-hours per year starting production in 2025, in Dunkirk, serving major customers including the car manufacturer Renault Group.

“Establishing a U.S. lithium-ion cell supply is a critical element of our supply chain strategy,” said EnerSys President and CEO David M. Shaffer. “EnerSys is accelerating the global clean energy transition by significantly expanding our production of lithium-ion batteries across a broad range of end markets and applications. As we look at the best ways to meet the existing and rapidly growing demand for lithium-ion batteries, highly efficient local manufacturing is essential. This U.S. factory will help us meet our customers’ needs, including those with specific manufacturing requirements for domestic sourced batteries.”

Verkor’s expertise in lithium-ion electrode chemistry and high-performance products makes it an ideal manufacturing partner, he said. “We are particularly excited about the scale and flexibility this factory will provide us, with both large production capacity and the ability to create custom cells. Partnering with an industrial expert such as Verkor de-risks and accelerates our common ability to execute successfully on this project.”

Paula Wolf is a freelance writer

Bethlehem company Strahman Holdings sold to Ohio firm

Bethlehem-based Strahman Holdings Inc., a leading manufacturer of washdown equipment, sampling valves and valve automation products to the pharmaceutical, food and beverage, and industrial end-markets, was acquired by Flow Control Holdings.

Terms of the deal were undisclosed. Strahman will continue to operate out of its Lehigh Valley headquarters.

FCH is a portfolio company of Audax Private Equity and a leading provider of sanitary-flow components to the pharmaceutical, food and beverage end markets.

“We are thrilled to welcome the Strahman business and team to FCH,” Scott Kerns, CEO of the Cincinnati-based firm, said in a release. “Strahman has an impressive line of products and a strong track record of innovation in the U.S. dairy and washdown markets. The entire Strahman lineup is complementary to our offering of flow control components and, in particular, we are excited about adding the Strahman brand of washdown equipment to the FCH portfolio.”

Kerns added: “We are impressed with both the manufacturing capabilities at Strahman’s Bethlehem headquarters and the caliber of the team leading and operating the business,” Kerns added. “Strahman expands our already strong product portfolio in the sanitary flow control market, enhances our value proposition to customers, and aligns with our strategic growth plans.”

Strahman’s CEO, Jeff Graby, will stay on temporarily to assist with the transition. The remaining leadership team and personnel will maintain their current roles as part of the expanded FCH team. “Strahman is a great strategic fit with FCH,” Graby said. “I’m proud of what we have accomplished and excited about what’s next for our team as part of FCH.”

Paula Wolf is a freelance writer

Hitch RV bought by Camping World Holdings

Hitch RV, which has three locations, including one in Boyertown, Berks County, is being acquired by Lincolnshire, Illinois-based Camping World Holdings for an undisclosed price.

Camping World, calling itself America’s largest retailer of RVs and related products and services, also is adding Hitch RV’s facilities in Milford, Delaware, and Berlin, New Jersey, expanding its footprint in the Northeast and mid-Atlantic. The transaction is expected to close in the third quarter of this year.

Hitch RV sells new and used RVs and provides RV parts and services. The Boyertown sales and service center is at 890 Swinehart Road; its website shows a staff of seven employees.

Marcus Lemonis, CEO and chairman of Camping World, said in a release: “Hitch RV has been proudly serving the mid-Atlantic region for over 15 years, and we’re excited to have Tim Waters join our management team as we expand in the Northeast. This acquisition brings us into Delaware for the first time, marking the entrance into our 43rd state, while adding to our leading market share positions in both Pennsylvania and New Jersey.”

Paula Wolf is a freelance writer

McGuire pediatric dental practice acquired by health care group

The Eugene McGuire, D.D.S., pediatric dental practice in Allentown has been acquired by Abra Health Group, a rapidly expanding health care group specializing in multi-specialty dental and pediatric primary care services.

This furthers Abra Health Group’s strategic expansion plan and commitment to providing comprehensive dental care for patients in the Allentown area.

McGuire’s practice has been serving the community for over 35 years. The office will transition to a new Smiles 4 Keeps location in the West End Theater District in Allentown, set to open later this summer. In addition to pediatric dental care, the practice will offer orthodontic services for children and adults, as well as general dentistry services for adults.

Patients of McGuire, D.D.S., will continue with appointments as scheduled, and the enhanced services will be available at the new Allentown location later in the summer.

“We are thrilled to welcome the Eugene McGuire, D.D.S., pediatric dental practice into the Abra Health Group family,” Dr. Michael Skolnick, CEO of Abra Health, said in a release. “This acquisition aligns perfectly with our mission to provide exceptional dental care and further expand our services to meet the evolving needs of our patients.”

Founded in 2008, Roseland, New Jersey-based Abra Health is formerly known as The ChildSmiles Group. The 700-plus-employee group includes several pediatric primary care and dental clinics for patients of all ages in New Jersey and Pennsylvania.

Paula Wolf is a freelance writer

Reading environmental consulting firm acquires New Jersey firm

Reading-based Liberty Environmental, Inc. has acquired Frey Engineering, LLC of Lebanon, New Jersey, as part of its ongoing expansion strategy which includes expanding its service areas, increasing its workforce, and acquiring new technical capabilities.

Frey Engineering, which has been serving clients in New Jersey and surrounding areas for over two decades, will add its expertise in the fields of remedial assessment, remedial design, and construction oversight, particularly on large-scale Superfund cleanup projects and landfill closures, to Liberty Environmental’s portfolio of services, the company said.

“We are pleased to welcome Frey Engineering to Liberty Environmental,” said Jim Cinelli, president of Liberty Environmental. “Their expertise in civil and environmental engineering and consulting is a perfect fit with our existing capabilities and will allow us to provide even more comprehensive services to our clients.”

With the acquisition, Liberty Environmental will increase its capability to serve clients in New Jersey and the New York City metropolitan area. The company will also be adding a team of professionals to its staff, including Frey Engineering’s Founder and Principal Leo Frey.

“We are excited to join the Liberty Environmental team,” said Frey. “Our combined resources, expertise, and experience will enable us to better serve our clients and take on a wider variety of environmental projects.”

Geisinger Health acquired by new health system

Kaiser Foundation Hospitals and Danville-based Geisinger Health announced the launch of Risant Health and a definitive agreement for Risant Health to acquire Geisinger as its first health system.

Risant Health is a nonprofit organization, created by Kaiser Foundation Hospitals, to adopt value-based care in “diverse, multi-payer, multi-provider, community-based health systems.”

“Kaiser Permanente and Geisinger share a vision for the future of health care, and as the Risant Health name indicates, we believe by working together we will reach new heights in health care and raise the bar for better health for all communities,” said Dr. Jaewon Ryu, president and CEO of Geisinger Health.

Geisinger will maintain its name and mission, and will continue to work with other health plans, employed physicians, and independent providers.

Geisinger said Risant Health’s value-based platform in areas such as care model design, pharmacy, consumer digital engagement, health plan product development, and purchasing will benefit the health system. As the first health system to become part of Risant Health, Geisinger will participate in developing the organization’s strategy and operational model, it said.

Ryu will serve as CEO of Risant Health, transitioning from his current role as the transaction between Risant Health and Geisinger closes, the two companies said.

Risant Health, which it said will operate separately from Kaiser Permanente’s model, said it plans to acquire a portfolio of likeminded, nonprofit, value-oriented community-based health systems anchored in their respective communities.

“Our mission calls on us to find new ways to promote high-quality, affordable, and evidence-based care with equitable and improved health outcomes. Through Risant Health, we will make our value-based care expertise, technology and services available to community-based health systems, like Geisinger, to strengthen their ability to provide value-based care models with a focus on high-quality and equitable health outcomes,” said Greg. A. Adams, chair and CEO, Kaiser Permanente.

John C. Bravman, president of Bucknell University and chair of the Geisinger Health Board of Directors, said, “Our nation and the health care industry have long waited for an organization to step up and lead by bringing forward meaningful solutions to improve health care in America. It is clear now that Kaiser Permanente is that leader, and the launch of Risant Health will make better health easier, more accessible and more affordable for the people and communities we serve in Pennsylvania.”

Schuylkill County logistics warehouse to close, costing 132 jobs

Ryder Integrated Logistics Inc. announced that it will close its Schuylkill County plant at 71 Mall Road, New Castle Township, terminating 132 employees.

The company, which calls itself “a leader in supply chain, dedicated transportation and fleet management solutions,” filed a Worker Adjustment Retraining and Notification Act letter with the state Department of Labor & Industry that said the closure is expected to be permanent.

In a statement provided to the media, Ryder said that in accordance with the WARN Act, “we notified the state that, due to the bankruptcy announcement of our customer Bed Bath & Beyond, the retailer’s distribution center at 71 Mall Road in Frackville … will be closing between June 25 and July 9, 2023. Based on the information currently known and available, we anticipate that 132 positions at the Ryder-managed distribution center will be eliminated within that time period.

“Ryder remains committed to continuing to serve the needs of our customers in Pennsylvania, where we continue to operate other sites. Ryder is working on redeployment efforts, as feasible, to retain as many employees as possible.”

None of the workers at the Mall Road facility, which is on the site of the former Schuylkill Mall (since razed), are unionized.

Ryder Integrated Logistics is a subsidiary of Ryder System Inc., a $12 billion fully integrated port-to-door logistics and transportation company with operations throughout the U.S., Canada and Mexico.

Ryder System includes 48,000 employees, 45,000 customers, 260,000 vehicles under management, 11,000 professional drivers, 300 warehouses and 95 million square feet of retail space.

Paula Wolf is a freelance writer

Select Region or Brand

Upcoming Event

Tag: acquisition

Eastern Time Inc. acquired by San Francisco company

EnerSys to develop U.S. lithium battery gigafactory with French partner

Bethlehem company Strahman Holdings sold to Ohio firm

Hitch RV bought by Camping World Holdings

McGuire pediatric dental practice acquired by health care group

Schuylkill County logistics warehouse to close, costing 132 jobs