InterOcean Advisors is pleased to announce the successful sale of Energy Manufacturing Company, Inc. (“Energy Mfg.”), a leading designer and manufacturer of hydraulic cylinders and related products for mobile and stationary industrial equipment, to Ligon Industries, LLC (“Ligon”). InterOcean acted as the exclusive financial advisor to Energy Mfg. and its shareholders, PNC Erieview Capital (“PNC Erieview”) and Eastport Operating Partners (“Eastport Partners”).
Ligon is the largest independent manufacturer of hydraulic cylinders in North America through its operating businesses including HDM Hydraulics, HTI, Ramrod Industries, Seabee Corporation, Fisher Hydraulics, Great Bend Industries, Hydratech and now Energy Mfg.
“Energy Mfg. has the opportunity to further support our customers through the expanded product offering of the Ligon hydraulic cylinder companies and assist them in better fulfilling their needs.”Mike Szymaszek, President of Energy, Mfg.With the addition of Energy Mfg., Ligon expands its presence in the mobile industrial equipment end market and further strengthens its product offering and complements its other businesses. Jim Delk, President of Ligon, commented, “Energy Mfg. is a strategic acquisition which will enhance our competitive position in the hydraulic cylinder industry.”
Founded in 1944, Energy Mfg. is a leading designer and manufacturer of hydraulic cylinders and valves. The Company’s products include engineered hydraulic cylinders, tie rod cylinders, hydraulic valves and other related products sold to customers in a wide variety of industries including agriculture, construction, lawn & garden, refuse compaction, forestry and medical. Sales of custom hydraulic cylinders to mobile equipment manufacturers represent 75% of the Company’s annual sales. The balance of sales are to stationary equipment manufacturers, other equipment suppliers and distributors. Energy Mfg. is based in Monticello, Iowa. The Company has access to Asian sourcing of cylinders through an exclusive manufacturing relationship in Dongguan, China.