Ramsey Industries, parent company of Ramsey Winch and Auto Crane in Tulsa, Okla., reported it has been acquired by private equity firm Gridiron Capital LLC of New Canaan, Conn. The company says the deal could bring expansion opportunities to the towing winch and telescopic service crane manufacturers. Terms of the acquisition were not available.
Ramsey Industries Chief Executive Officer Bruce Barron said senior management is excited to be working with Gridiron Capital. "They bring a lot of resources to the table," he said. "They have contacts in international markets and financial resources." By working with Gridiron, the company will be able to explore new product possibilities and expand into new markets, he added.
Gridiron Capital specializes in acquiring manufacturing, service, and specialty consumer companies. Executives at Gridiron said they were attracted to Ramsey Industries because the company had experienced growth in a fragmented industry. "There's a solid growth case for the business," said Tim Clark, managing director of Gridiron Capital LLC. "They've done very well the last few years, both in revenues and earnings."
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