GAL Manufacturing, a portfolio company of Golden Gate Capital, has acquired the assets of Bore-Max Corporation, a maker of heavy-duty hydraulic passenger and freight elevator components.
Bore-Max’ products include pump units, jacks, slings and platform packages that are sold to customers in California and other western states. The company was founded in 1969 and was acquired in 1988 by Steve Sturm, who led the company as president until 2017 when his son Bret Sturm took over ownership and leadership responsibilities. Bore-Max is headquartered near Los Angeles in El Monte, CA (www.bore-max.com).
“We are excited to become part of the GAL group of companies,” said Bret Sturm, President of Bore-Max. “They are highly regarded in the industry, and we are confident that by joining their team, the business our family has developed over the last 30 years will continue to deliver high-quality products with our customer-first focus, while growing Bore-Max overall.” Bore-Max will continue to be led by Mr. Sturm and will remain headquartered in El Monte.
Golden Gate acquired GAL Manufacturing, a designer, manufacturer, and distributor of elevator components and systems, in June 2017. GAL supplies nearly every electromechanical component used in elevator systems including door operators and associated door equipment, geared and gearless traction machines, universally compatible microprocessor controllers, safety components, signal fixtures, push-button panels, and structural assemblies. The company sells its products to thousands of independent elevator contractors and large elevator OEMs. GAL is headquartered in Bronx, NY, with additional facilities in Quincy, IL, Mississauga, ON, and St. Louis, MO. GAL is comprised of GAL Manufacturing Company, Hollister-Whitney Elevator, GAL Canada Elevator Products and Courion (www.GAL.com) (www.hollisterwhitney.com) (www.GALCanada.com) (www.couriondoors.com).
The buy of Bore-Max is the second add-on completed by GAL in 2018. In January 2018, GAL completed the add-on acquisition of St. Louis-based Comprehensive Manufacturing Services, a provider of door systems for freight elevators. The company’s freight door products are sold under the Courion and Security brand names.
“Bore-Max is a great addition to the GAL family as we continue to expand our product offerings and footprint across North America,” said Mark Boelhouwer, President and CEO of GAL. “Through this acquisition, we will introduce a range of new hydraulic options to our portfolio, and the acquisition of Bore-Max confirms our intent to provide even stronger regional support to our west-coast customers. The Sturms have built an outstanding business, and we look forward to working alongside Bret, Steve and the entire Bore-Max team to grow our combined company together.”
Golden Gate Capital invests in companies across a range of industries and transaction types, including going-privates, corporate divestitures, recapitalizations, and public equity investments. The firm has approximately $15 billion of capital under management and is based in San Francisco (www.goldengatecap.com).
© 2018 Private Equity Professional | March 20, 2018
