Fort Wayne, October 9, 2017
North River Capital LLC, a Fort Wayne-based equity capital firm, announced Friday that it has acquired a majority interest in Pro Systems, LLC.
Located in Churubusco, IN with 36 employees, Pro Systems is an industry leader in the design and construction of automated machines and systems for the plastics and other industries. Terms of the deal were not disclosed. The majority interest was purchased from Wayne Gibson, who founded and has led the company for the last 20 years. Mr. Gibson will continue on in his role as President, leading the Pro Systems team.
“We’re very pleased to be partnering with Mr. Gibson and have Pro Systems join our growing portfolio of companies focused on core industrial manufacturing,” Grant Schultz, a principal at North River Capital, said in the statement. “Pro Systems has an outstanding reputation, a strong design and manufacturing team and a demonstrated ability to grow, even in volatile periods. We are looking forward to the opportunity to help the organization effect the next phase of its growth strategy.”
“I am excited to be partnering with North River Capital and believe this transaction will accelerate our growth trend and be strategically beneficial to our customers and our employees,” Gibson said in the statement. “With North River being a local firm, it positions them to work more closely with our team enabling Pro Systems to take maximum advantage of their business expertise. Finding a partner to match our cultural and business philosophies was a prime objective and North River is a great match with Pro Systems. Partnering will allow us to enhance our emphasis on providing innovative solutions and expand our base across a broader range of industries while continuing to provide the highest level of technical support.” Gibson added, “The management team, as well as my wife Holly, strongly supported the transaction citing North River’s down to earth approach to achieving results as a key factor.
North River Capital is a privately held equity capital firm. Its investment strategy focuses on acquiring majority ownership in companies with growth potential. Its portfolio companies include T-E Inc. in Fort Wayne, IN, Wayne Manufacturing LLC in LaOtto, IN, Coldwater Machine Co. LLC in Coldwater, OH, Auburn Gear, LLC in Auburn, IN and White Hat Entertainment LLC in Fort Wayne, IN. 1st Source Bank, headquartered in South Bend, IN provided financing for the transaction. The principals of True North Strategic Advisors, LLC, as registered representatives of Burch & Company, Inc., acted as financial advisers to the sellers.