Pereles Bros. Inc., a Milwaukee-based plastic injection molding company, has been purchased through an equity buyout by business partners Steve Iram and Jim Gannon.
Gannon serves as co-owner and director, while Iram assumed the position of president, succeeding Ted Muccio. Muccio, who purchased the company in 2000 through an employee stock ownership plan (ESOP), will serve as a senior advisor through March of 2014. Financial terms of the buyout were not disclosed.
“Our objective in an ownership transition was to pass Pereles on to individuals who would continue to focus on providing exceptional products and services to our customers while valuing the employees who have contributed to the company’s success,” Muccio said. “We strongly believe that Steve and Jim share our passion for this business. They understand manufacturing and are both committed to expanding the company’s sphere of excellence. We are leaving the company and its employees in very good hands.”
“I am thrilled to be taking the reins at Pereles Bros. Inc.,” Iram said. “We are committed to building on the excellent foundation that Ted and his team have laid. We will leverage it in our efforts to grow the business while continuing to provide superior products and services to our customers.”
Iram and Gannon also are partners in Black Knight Capital, LLC, an equity venture firm dedicated to making long-term investments in people and companies with growth potential.