Forberg Scientific Inc. has been sold to Kendall Electric
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 PMCF was paramount to its success. PMCF began the process by developing a strategy, implementing it, and seeing it to the end. Joe Wagner, Jayson Gitt and the rest of the PMCF 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. PMCFs value was immeasurable.”
The transaction closed in June 2020.
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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