Modineer purchased by Hall Capital, a family-owned private investment company
Update: This story has been updated to reflect that a silent partner also joined in the transaction.
NILES — Monday evening, Modineer Co., Inc. officials announced that the longtime Niles company had been sold to Hall Capital, an establishment of Westbourne Capital Partners.
The sale, which includes a transaction with Hall, Westbourne and a silent partner, was effective Nov. 15. Prior to the sale, Modineer had been owned by the fourth generation of its founding family. Terms of the sale were not disclosed in a statement from the company announcing the deal.
Hall Capital, is a family-owned private investment company based in Oklahoma City, Oklahoma. Hall Capital has an automotive platform, The Fred Jones Companies, which will invest in the acquisition of Modineer. According to the statement, TFJC has a century-long legacy of involvement in many aspects of the international automotive industry.
Headquartered in Niles, Modineer manufactures more than 35 million components per year, has more than 800 employees and operates from nine facilities with a combined square footage in excess of 700,000 across Michigan, Indiana, and Missouri.
The company is known as a leading manufacturer and fabricator of low to medium volume complex metal components and assemblies for the automotive, military, truck/trailer and industrial markets utilizing stamping, roll forming, welding, machining, painting, e-coating and other specialty processes.
John Kobza, of Hall Capital, expressed his enthusiasm about working with the Niles company.
“We are excited to partner with Ed Hamilton and his team to invest in Modineer [and] to grow and expand the business for the benefit of our current and future customers, employees, and key stakeholders,” Kobza said.
According to Monday’s statement, the management team, including Modineer’s CEO, Ed Hamilton, will continue their leadership at Modineer. The company will see the addition of new investors and those with knowledge and experience in the industry, including Mike Laisure, the former President of Dana Corporation.
“We are extremely excited to partner with the Hall Capital and Westbourne Capital Partners teams,” Hamilton said. “While the company has been highly successful in establishing itself as a leader in the production of vehicle components, we are eager to take the next step in growing the company through greater utilization of our assets and industry relationships, as well as diversifying into new end markets. This transaction will help us to accomplish those goals.”
Hamilton was out of town at the time of publication, so could not provide further comment.
For more information, visit hall-capital.com. This is a developing story that will be updated.