Moore Oil acquires Michigan company; Baird Capital Partners portfolio company makes bolt-on acquisition; Manitowoc Company sells division
Moore Oil acquires Michigan company
Milwaukee-based Moore Oil Co. has acquired Naser Oil Company, a Powers, Mich. distributor of lubricants. Terms of the acquisition were not disclosed, and Naser will continue to run its propane business.
Moore Oil operates three locations serving Wisconsin, upper Michigan and northern Illinois. It offers automotive, commercial and industrial lubricants in addition auto detail products, industrial cleaners, janitorial supplies and industrial coolant products. Moore Oil also operates an environmental service company that picks up and processes waste oil, waste oil filters, used antifreeze, and many other waste stream products.
“Moore Oil had all the qualities we were looking for when we decided to sell the lubrication business,” said Jeff Naser, president of Naser Oil. “They’re a financially stable company, customer-focused, sell quality products and have quality people.”
Baird Capital Partners portfolio company makes bolt-on acquisition
American Auto Auction Group (AAAG) LLC, a South Carolina-based portfolio company of Baird Capital Partners, has acquired Texas Lone Star Auto Auction based in Carrollton, Texas.
Texas Lone Star Auto Auction holds a weekly dealer consignment auction at its facility in Carrollton, Texas. In early 2010, AAAG acquired two separate auction businesses, Charleston Auto Auction (Moncks Corner, S.C.) and Rea Brothers Mid-South Auto Auction (Pearl, Miss.). Auto auctions create a transaction marketplace for finance companies, fleets, wholesalers, independent dealers, and franchise dealers to sell and purchase vehicles.
“The acquisition of Texas Lone Star Auto Auction fits nicely into AAAG’s strategy of acquiring well run independent whole car auctions,” said Randy Mehl, partner with Baird Capital Partners. “We continue to be excited about AAAG’s opportunities in the fragmented auction market. AAAG has a number of attractive businesses in the pipeline and we expect 2011 to be another busy year for our team.”
Manitowoc Company sells division
The Manitowoc Company Inc. has completed its divestiture of Kysor/Warren and Kysor/Warren de Mexico to Lennox International for $138 million.
Manitowoc will use the net proceeds of approximately $124 million from the sale to further reduce its secured debt and financial leverage.
Manitowoc is a multi-industry, capital goods manufacturer with nearly 100 manufacturing, distribution, service, and/or office facilities in 26 countries. It is recognized as one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc also is one of the world’s leading innovators and manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, health care, and institutional applications.
