Brookfield-based GenAlpha Technologies LLC, an aftermarket parts technology firm founded by a group including Tim Sullivan, has been sold to New York private equity firm Shore Points Capital.
[caption id="attachment_133690" align="alignright" width="382"] Tim Sullivan[/caption]
Sullivan serves as executive chairman of GenAlpha. The former Bucyrus International Inc. chief executive officer and several other Bucyrus employees launched the firm after Bucyrus was acquired by Caterpillar Inc. in 2011. Sullivan currently serves as CEO of Milwaukee-based specialty vehicle manufacturer Rev Group Inc.
The sale of GenAlpha closed in November for an undisclosed price. Shore Points led the acquisition, in partnership with Greyrock Capital Group. A group of shareholders sold GenAlpha, but their names were not disclosed. Milwaukee-based investment bank Promontory Point Capital advised the GenAlpha selling shareholders in the sale.
“It was a group (of shareholders) that was founded a few years ago and one of the active shareholders transitioned to a new role and a couple of the other shareholders stayed exactly as they are,” said Bill Penkwitz, partner at PPC.
As a result of the acquisition, GenAlpha CEO Andy Hansen has left the company and Shore Points board of advisors member Stan Eames has been appointed CEO at GenAlpha.
The company offers a suite of software and services for original equipment manufacturers’ aftermarket products, including e-commerce, data conversion, e-catalogs with 2D and 3D interactive technology, and data analytics. GenAlpha has 11 employees and subcontracts its IT work to another approximately 50 employees, Eames said.
Eames plans to complete some recruitment and ramp up GenAlpha’s marketing efforts and processes, he said. The plan is to hire another one to five employees over the next six months.
“We’re going to be recruiting some people on staff that we need here to grow the company and we’ve recently gone through a rebranding that was very successful,” Eames said. “We’re going to be putting more efforts into marketing and getting the word out about the product we offer.”
“We are excited to bring our software experience and an accomplished technology executive like Stan Eames to a dynamic growing company,” said Walt Bellingham, principal of Shore Points. “GenAlpha has unmatched domain expertise in parts, a strong base of anchor customers, and has the opportunity to be a real game-changing technology partner for OEMs who are looking to capture a greater share of the aftermarket for their products.”
“I am thrilled to be joining the GenAlpha team, and look forward to furthering the market penetration of GenAlpha’s best-of-breed offerings in e-catalog and e-commerce software for manufacturers,” Eames said. “The senior staff of GenAlpha, particularly Kris Harrington and Bob Zastrow, offer unmatched experience and knowledge in the aftermarket parts arena, and their vision has created a fantastic opportunity that I am proud to be a part of.”
Neither Sullivan nor Bellingham could immediately be reached for additional information.