Capital Goods

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve’s professionals have deep experience in the capital goods sector, having completed more than 80 transactions worth over $4 billion in the following sectors:

  • Industrial Machinery
  • Construction & Farm Machinery
  • Heavy Trucks & Industrial Vehicles
  • Process & Flow Control Equipment
  • Machine Tools & Factory Automation

Representative Experience



Western Reserve acted as exclusive financial advisor to Avtron Manufacturing, Inc. in its recapitalization by Morgenthaler Partners.

Avtron, headquartered in Independence, Ohio, designs, engineers and manufactures highly technical electrical control and test equipment for several industries including aerospace, metals, mining, pulp and paper and alternative energy.  The Company operates in three divisions: Aerospace, Industrial Automation and Load Banks.  The Aerospace Division manufactures test equipment for airplane components.  The Industrial Automation Division manufactures encoders and industrial automation systems used in various manufacturing and heavy industrial applications.  The Load Bank Division manufactures equipment to test back-up power generators and alternative energy sources.

The shareholders of Avtron engaged Western Reserve as its exclusive investment banker to assist in exploring the sale of the company to achieve liquidity and initiate a succession plan for senior management.  Western Reserve introduced Avtron to a select group of buyers, assisted in negotiating the terms and conditions of the deal and helped draft the definitive purchase agreement.

Avtron was recapitalized by Morgenthaler in November 2007.  Based in Cleveland, Ohio, Morgenthaler is a private equity firm specializing in middle market investments.  Through a complex deal structure, which maximized the value paid to shareholders, Avtron created three separate LLCs that were subsequently acquired by Morgenthaler Partners.  The shareholders of Avtron reinvested, side-by-side, with Morgenthaler to retain a significant ownership interest in the company and share in the economic benefit of the company’s future growth potential.  They continue to manage the business.

Bob Fritz, President and Chief Executive Officer of Avtron, said, “Western Reserve went beyond my concept of what was included in marketing a company.  During crucial stages in the deal process, Western Reserve not only advised us on what needed to be done, but stepped in and did it.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Dan T. Moore


Western Reserve acted as exclusive financial advisor to Dan T. Moore Company, Inc. in its acquisition of Delaware Machinery and Tool Company, Inc.

Dan T. Moore Company, Inc., founded in 1969 and based in Cleveland, Ohio, is an R&D and acquisition entity and business incubator focused on the industrial sector.

Delaware Machinery and Tool Company, Inc., founded in 1938 and based in Muncie, Indiana, is a leader in the full service design, engineering, manufacturing, testing and sampling of highly complex tools utilized to manufacture die cast components for the automotive, defense, medical and other industrial markets.

Delaware was placed into receivership by the Delaware County Circuit Court after defaulting with its senior lender.  Western Reserve assisted Dan T. Moore Company in rapidly preparing a bid model and developing a bid strategy.  Through numerous discussions with Delaware’s receiver, senior creditors and legal parties, Dan T. Moore Company was able to develop and present a detailed model to receive pre-approved financing  and credibly bid on Delaware’s assets.  At the December 2010 auction, Dan T. Moore Company topped the stalking horse bid and was declared the new owner of Delaware Machinery and Tool Company.



Western Reserve acted as exclusive financial advisor to Bronx International Inc. in its sale to the Fives Group.

Headquartered in North Canton, Ohio, Bronx is comprised of two distinct businesses: 1) Bronx / Bronx Taylor Wilson, which produces equipment that straightens, finishes or tests pipes, bars and tubes (notably seamless tubes) and 2) Abbey, which produces Electrical Welding (ERW) tube and pipe mills that are used to produce tubular welded products.

Widely recognized for its unmatched experience and technologies, the company offers its customers state-of-the-art design and engineering, project management, global procurement, field service, installation and turnkey solutions.  Bronx’s direct customers are steel and non-ferrous bar, pipe and tube producers within the steel sector, which include large blue-chip industrial groups. End-users of the company’s products belong to a large base of various industries, including oil and gas, high speed rail and energy transportation.  Bronx boasts a consistent record of product innovation, engineering leadership, reliable quality and the largest base of installations for its products in the industry.

Bronx’s shareholders elected to explore a sale of the company to achieve liquidity and retained Western Reserve as its exclusive investment banker to assist in the process.  Western Reserve confidentially introduced Bronx to a range of financial and strategic buyers and assisted the company in navigating a series of issues and negotiating key transaction terms.

Bronx was acquired by Fives in November 2010.  Headquartered in Paris, France, Fives is an industrial engineering group that designs and supplies process equipment, production lines and turnkey plants for the world’s largest industrial groups in the aluminum, steel, glass, automotive & logistics, cement, energy and sugar sectors. With over EUR 1.0 billion in sales, more than 5,500 employees on six continents and located in nearly thirty countries, Fives is known for its technological expertise and competence in executing large-scale international projects. The cross-border transaction was completed on an accelerated time frame, resulting in a successful outcome for the Company’s shareholders, and the expansion of Five’s metal finishing offerings and end-markets.

Richard Jeschelnig, President and Chief Executive Officer of Bronx said, “The team at Western Reserve did an outstanding job in advising us throughout all phases of this process.  Western Reserve’s keen understanding of the capital equipment business, our business model and the competitive landscape, together with their expertise and perseverance in guiding us through myriad issues, as well as ability to access international opportunities, were essential in delivering superior value to our shareholders. This combination with Fives represents the best strategic outcome for our company and its owners.” 

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.


lucite-decanterDECANTER MACHINE, INC.

Western Reserve served as the exclusive investment banker to Decanter Machine, Inc. (“Decanter”) in its sale to FLSmidth & Co. A/S (“FLSmidth”).  The transaction was led by Managing Director Mark Filippell and Vice President Matthew Mueller of Western Reserve’s Industrial Group, supported by Analyst Gregory Hill. Western Reserve worked closely with Audon Partners A/S, M&A International’s Denmark affiliate, in the completion of this transaction.

Headquartered in Johnson City, Tennessee, with additional locations in South Carolina and New South Wales, Australia, Decanter is recognized as the global leader in the manufacture and repair of screen bowl, solid bowl and hyperbaric centrifuges for mineral processing applications.   Decanter’s global market leadership is evidenced by its installed base of more than 550 centrifuges across eleven countries.  The company has developed its strong market position as a result of its steadfast dedication to providing customers with the highest levels of service, developing and manufacturing the most technologically advanced equipment in the industry, and providing customers with durable, cost-effective repair solutions. Decanter primarily serves the global coal market, as well as a variety of other end markets that process a high volume of materials, including the ethanol, food processing, industrial chemical, potash, wastewater and white mineral industries.

“Western Reserve is proud to have worked with Decanter, who over the last 30 years has done a remarkable job of developing the company into a global leader in the mineral processing industry,” said Mr. Filippell.  “We are delighted we could work to form a partnership with Decanter and FLSmidth that will allow the company to continue to strengthen its position in the global market.”

Wally Schultz, Decanter’s President, will continue to serve in the same capacity along with the company’s existing management team.  “We are excited about the opportunity to join with a strategic partner that has the scale, capabilities and global leadership that FLSmidth provides.  Decanter’s product line of processing equipment is a great complement to FLSmidth’s and the combination will allow FLSmidth to offer customers a complete range of centrifuge product offerings,” said Mr. Schultz.  “Western Reserve did an exceptional job of providing us with insight and quality advice throughout the process.  Their experience, dedication and attention to the details resulted in a very favorable outcome for our company, our employees and our shareholders.  It was a pleasure to work with the Western Reserve team, and we feel fortunate to have worked with them on this transaction.”

Founded in 1882, FLSmidth is a worldwide supplier of equipment, systems, and services with headquarters in Copenhagen, Demark.  The company supplies everything from single machine units to complete minerals and cement flowsheets including associated services. It serves cement, base metals, precious metals, light metals, industrial mineral, energy, phosphate and potash, pulp and paper, chemical, food and pharmaceutical, steel, and diamond industries. FLSmidth employs over 13,800 people and has operations in over 50 countries.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.


lucite-cimarron1CIMARRON CENTRAL LLC

Western Reserve acted as exclusive financial advisor to Cimarron Central LLC in its sale to Linx Partners.  This transaction represented the firm’s second engagement by Cimarron, as Western Reserve assisted the company its 2005 formation and capitalization.

Headquartered in Guymon, Oklahoma, Cimarron designs, engineers and manufactures a line of mission critical, highly engineered equipment, systems and services used in the production and processing of natural gas.  The company’s product lines include production and process separators, natural gas dehydrators, combination separator/dehydrator units and specialty items.  Cimarron’s equipment is specifically designed and manufactured to work within the extreme conditions and requirements of the Rocky Mountain Region.

Cimarron’s shareholders decided to explore a sale of the company to achieve partial liquidity and identify a financial partner supportive of their growth strategy.  Cimarron retained Western Reserve as its exclusive investment banker to assist in the process, and through a highly competitive process, Western Reserve marketed the company to a select group of financial and strategic buyers, facilitated the negotiation of the transaction price and helped draft the purchase agreement.

Cimarron was acquired by Linx in August 2007.  Based in Scarsdale, New York, LINX is a private equity investment firm that partners with management to acquire and grow middle-market industrial companies.  Key members of Cimarron’s senior management team partnered with Linx in its investment and remain significant shareholders of the company.

John Moore, Cimarron’s Chief Executive Officer, said, “Western Reserve has been a very special partner of Cimarron as we’ve executed our financial and operating strategy. They have been and will continue to be a trusted financial advisor to us as we look to grow our business over the next few years.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.



Western Reserve served as the exclusive investment banker to CWS Industries (Mfg) Corp. (“CWS”) in its sale to International Equipment Solutions, LLC (“IES”), a portfolio company of KPS Capital Partners, LP (“KPS”).

Headquartered in Surrey, British Columbia, Canada, CWS is a leading manufacturer of top-quality attachments, cabs and conversions for heavy equipment used in various high-growth end markets such as mining, oil and gas, forestry, agriculture and construction.  CWS offers both standard and highly-engineered attachments for excavators, loaders, crawlers and other heavy equipment.  Through its extensive knowledge of its customers’ applications and geological conditions, CWS provides attachments and fully integrated equipment systems tailored to the specific needs of its customers, which are able to withstand some of the world’s harshest environments.

Formed in September 2011, IES is a global engineered equipment platform serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining and energy markets. IES’s operating units are leading manufacturers of engineered attachment tools and cab enclosures for operator driven equipment as well as locomotive sub-assemblies and electronic enclosures. IES’s customers include major OEMs, national rental fleet companies and hundreds of independent and OEM-aligned dealers. IES employs over 2,800 people and operates 17 manufacturing facilities in the United States, Canada, Germany and Brazil.

Earl Hirtz, CWS President, will continue to serve in the same capacity along with CWS’s existing management team.  “We are excited about this very strategic partnership with IES and look forward to working together as we continue to expand CWS’s presence globally.  With its unmatched manufacturing and product capabilities, IES is able to provide substantial additional resources and is committed to assisting CWS in expanding its product and service offerings worldwide,” said Mr. Hirtz.

Leading the transaction for Western Reserve was Managing Director Joseph Carson, supported by Vice President Rebecca White and Analyst Courtney Downs.

“CWS and IES are a very strategic fit and create a strong global provider of attachments and integrated equipment systems,” said Mr. Carson.  “We enjoyed working with CWS throughout this process and are very pleased with the outcome for its shareholders.  We have worked with the company for several years through the sale of its non-core subsidiary, LANTEC Winch & Gear Inc. and have watched CWS transform from a regional supplier of standard attachments into a global supplier of highly-engineered products.  We look forward to watching CWS take its success to the next level with its new partner.”

Of working with Western Reserve, Ken Thompson, CWS’s majority shareholder said, “We have truly enjoyed working with Western Reserve over the past several years, through the sales of both LANTEC and CWS.  In addition to their extensive transaction experience, Western Reserve has a keen understanding of the capital equipment industry, which led to highly strategic partnerships for both businesses.  We have highly valued their guidance and support throughout the past several years.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Other Capital Goods Clients

  • American Precision Industries Inc.

    Multi-national manufacturer of high performance precision motion control products and systems and heat transfer equipment

    Sold to: Danaher Corp. (Washington, DC); provided fairness opinion
  • Drop Dies & Forgings Company

    Manufacturer of high quality, specialty forgings from difficult to forge metals serving aerospace, heavy-duty trucks, and other markets

    Sold to: Precision Castparts Corporation (Portland, OR)
  • Eagle-Picher Industries Inc.

    Diversified manufacturer of automotive, aerospace, earth moving telecommunications and pharmaceutical products including diatomaceous earth and perlite

    Financial advisor for the company in its Chapter 11 case; reorganized pursuant to plan; provided appraisal

  • National Machinery Company

    Manufacturer of cold forging machinery

    Sold to: Citicorp Venture Capital (New York, NY)
  • Novar Electronics Corporation

    Designer and manufacturer of proprietary, state-of-the-art security and HVAC control systems

    Sold to: RTZ Corporation PLC (London, England)

  • Swagelok Company

    Designer and manufacturer of high-tech valves

    Provided financial advisory services

  • Weasler Engineering Inc. (portfolio company of Code Hennessey & Simmons)

    Manufacturer of agricultural drive lines

    Sold to: Industrial Growth Partners, LP (San Francisco, CA)