Mergers and Acquisitions

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Metal Forms Corp. acquires Sterling Handling Equipment; Generations Bancorp completes acquisition of Amerihome Mortgage Company; Portage manufacturer acquires Michigan firm

Metal Forms Corp. acquires Sterling Handling Equipment
Metal Forms Corp., a manufacturer of concrete and related forms for the construction industry, recently purchased Sterling Handling Equipment, a manufacturer of material handling equipment such as wheelbarrows and concrete carts. Both companies are based in Milwaukee.

Terms of the acquisition, which closed at the end of December, were not disclosed. Sterling Handling Equipment’s facility at 2300 W. Florist Ave. will be closed and its operations merged into Metal Forms Corp.’s facility at 3334 N. Booth St.

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“Sterling has an excellent reputation in the industry with durable and reliable products,” said Tom Miller, president of Metal Forms Corp. “This equipment complements our existing product line and will serve as the cornerstone of MFC’s new handling division.”

Prior to the acquisition, Metal Forms Corp. had 22 employees. Three of Sterling Handling Equipment’s former employees have been added to the company’s staff, Miller said.

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Generations Bancorp completes acquisition of Amerihome Mortgage Company
Generations Bancorp Inc. has completed its acquisition of Brookfield-based Amerihome Mortgage Company LLC, creating a wholly-owned mortgage banking subsidiary, American Foundations MortgageBanc Inc.

"American Foundations MortgageBanc will focus on finding customers the right mortgage at the right price, while providing a timely, painless mortgage process," said Greg Kolton, Generations Bancorp chairman, president and chief executive officer.

Nicholas DelTorto, Amerihome president and CEO, will serve as president and CEO of American Foundations MortgageBanc. DelTorto said Amerihome employees will continue in their current positions.

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"Our experienced staff has the industry knowledge and the technological capabilities to deliver a smooth mortgage process," DelTorto said. "And as part of Generations Bancorp, a strong and solid bank holding company, we have access to more capital to support continued growth and offer our customers greater long-term stability."

Generations Bancorp is the parent company of Foundations Bank in Pewaukee.

"Like Foundations Bank, American Foundations MortgageBanc takes pride in building long-term relationships through a consultative approach," Kolton said.

Portage manufacturer acquires Michigan firm
Penda Corp., a Portage-based manufacturer and marketer of thermoformed solutions, has merged with Durakon Industries Inc. of Lapeer, Mich.

Durakon is a supplier of advanced thermoformed automotive components.

The name of the new entity will remain Penda Corp., and the headquarters will be in Portage.

Both companies supply parts to the automotive industry. Penda is a portfolio company of Resilience Capital Partners. Durakon is a portfolio company of Littlejohn & Co. LLC.

"Combining the core competencies, capacities and complementary channels to market of Penda and Durakon will create a leading heavy gauge thermoformer with a strong technology base, sufficient capacity for future growth and diversified market participation," said Ulf Buergel, president and chief executive officer f the combined companies.


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