Southfield, MI – CFI USA (P&M Corporate Finance, LLC)) is pleased to announce that it served as the exclusive financial advisor to Forberg Scientific, Inc. (“Forberg”) in its sale to Kendall Electric, a member of the Kendall Group.
Based in Troy, Michigan, Forberg is an established distributor and manufacturer’s representative to the process control and instrumentation marketplace. Forberg’s reputation as a trusted distribution partner has allowed it to build a strong line card, including the most prominent suppliers within the industry. Forberg was founded in 1971 and operates seven locations across the Midwest.
The Kendall Group is an employee-owned company with more than 1,300 Owner-Associates. Headquartered in Portage, Michigan, its six divisions are comprised of 74 locations across ten states. The Kendall Group serves the electrical, lighting, automation, steam, instrumentation, and pipe, valve, & fitting (PVF) industries.
“With this relationship in place, we now have the people, resources, products, and solutions that are unmatched in our industry,” said Jeff Sweeney, Forberg Vice President of Sales. “This combination is the fuel that will drive our growth today, tomorrow, and well beyond.”
CFI USA served as exclusive investment banker to the shareholders of Forberg, managing the entire transaction process. Carl Derian, President of Forberg, added, “Selling a business and achieving ‘the close’ is not as easy as it may seem. Working with the team at CFI USA was paramount to its success. CFI USA began the process by developing a strategy, implementing it, and seeing it to the end. Joe Wagner, Jayson Gitt and the rest of the CFI USA team coached us along the way, and in some cases, held our hand, and advised us to gain the best results for our stockholders and our employee team members. CFI USAs value was immeasurable.”
The transaction closed in June 2020.
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have been acquired by
Hosco Fittings (manufacturer / distributor of fluid handling components), Classic Precision (manufacturer of close tolerance aerospace components), and Integrated Dispense Solutions (manufacturer of high viscosity material dispensing equipment) acquired by Carlisle Fluid Technologies, a division of Carlisle Companies (NYSE: CSL)