WireCo WorldGroup, Kansas City, Mo., a leading producer and marketer of wire rope and electromechanical cable, has completed the acquisition of US Reel Corporation, Carrollton, Mo.
US Reel produces wood reels serving key customers in the Midwest. Under the management of Roger Moore, the firm has been the primary supplier of wood reels to WireCo for many years. WireCo plans to grow the business while assuring itself of a long-term cost competitive source for its primary packaging method.
"US Reel has been a valued supplier to us for many years, and we wanted to facilitate an orderly transition for the company," said Ira Glazer, CEO of WireCo WorldGroup. "Roger Moore has been a good friend and this acquisition met his personal needs as well as our corporate objectives."
No personnel changes are anticipated at this time. Moore plans to phase out of his role next year, but will be available to consult with WireCo as needed.
"I am pleased to have the opportunity to turn over US Reel to such a dynamic, growing company. With this change, US Reel will have access to additional capital which can spur more growth and provide security for my valued employees," Moore said.
WireCo WorldGroup is owned by investment funds managed by Fox Paine Management III, the San Francisco and New York-based private equity firm.
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