Federal Equipment Company has been acquired by Fairbanks Morse Defense, a portfolio company of Arcline Investment Management
Detroit, MI – CFI USA (P&M Corporate Finance, LLC) is pleased to announce that it served as the exclusive financial advisor to Federal Equipment Company (“FEC” or the “Company”) in its sale to Fairbanks Morse Defense (“FMD”), a portfolio Company of Arcline Investment Management (“Arcline”).
Founded in 1982 as supplier of specialized military handling equipment to the U.S. Navy, FEC has grown its services organically and through acquisitions to offer a full array of innovative, engineered solutions for its customers’ most difficult engineering challenges. Headquartered in Cincinnati, Ohio, FEC is a global leader in designing and manufacturing mission-critical components and systems for the U.S. Navy and U.S. Coast Guard, including conveying equipment, munition handling equipment, engineered doors and advanced cargo elevators for the next generation Gerald R. Ford class supercarriers. Additionally, the Company has leveraged its commitment to quality, engineering expertise and integrated manufacturing capabilities to expand into new commercial markets, complementing its core relationships with the U.S. Navy, Marines and Coast Guard.
Fairbanks Morse Defense is a leading provider of superior quality engines and power systems for military vessels. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts and turnkey services for its customers. Regarding the acquisition, Doug Ridenour, President of FEC, remarked, “The partnership with FMD will allow both FMD and FEC to deepen our relationships with our core customers as we increase content on critical military vessels and expand our service network. I am excited to partner with FMD and Arcline as we continue to create innovative solutions for the U.S. Navy and Military.”
PMCF served as exclusive investment banker to FEC, managing the entire transaction process. Mr. Ridenour added, “We hired PMCF to help FEC shareholders plan and prepare for a transaction, find the optimal partner for FEC and to navigate us through the process. PMCF’s preparation and responsiveness throughout the transaction allowed us to successfully close the deal on a very tight timeline, enabling us to bring on a partner to accelerate FEC’s growth, while maintaining our superior customer service and standards.”
The transaction closed on 31 December 2021
The testimonials may not be representative of the experience of other clients and are no guarantee of future performance or success.
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