Management Leads Acquisition of Fountain Industries
Monday, June 04, 2012
Press Release from NORA Member Fountain Industries
Albert Lea, MN (May 31, 2012) –
Fountain Industries, a local
provider of parts‐washing equipment serving automotive repair and industrial
markets worldwide, announced today that a group led by William S. Dea has
acquired the assets of the business and will continue operations under a newly-formed
entity named Fountain Industries, LLC.
Financial backers of the new Fountain Industries, LLC, include Cherry Tree’s
Adam Smith Fund of Minnetonka, MN and Bremer Bank of St. Paul. Financial terms
were not disclosed.
"We are excited about the
prospects for Fountain to continue to grow and prosper under the new ownership
structure,” said Mr. Dea, CEO of the new company. Speaking to a gathering of
company employees assembled for the announcement, Mr. Dea noted that "many of
you will recall that when I was asked to lead Fountain one year ago, I set a
goal that Fountain would become the industry leader. I believe Cherry Tree’s
support is the next major step in our journey to industry leadership, and I
believe Fountain employees and customers will benefit.” He added that current
employees of the business are being offered positions in the new company and
that a new five‐year lease for the facility in Albert Lea had been signed.
"We’re pleased to join forces with Bill Dea and all of the employees of
Fountain Industries as we begin what we expect will be a long‐term and
rewarding experience for everyone involved, including the Albert Lea community,”
said Frank McEvoy, Co‐Manager of Cherry Tree’s Adam Smith Fund.
Fountain Industries is a
leading manufacturer and marketer of parts washing equipment primarily serving
the automotive repair and industrial sectors. The company’s solvent‐based and environmentally‐sensitive
water‐based parts cleaning products are sold direct, through distributors, and
through cleaning service companies worldwide.
For more information about Fountain and its products, please refer to the
company’s web site at www.fountainindustries.com.
Adam Smith Fund is a diversified investment fund with a focus on long‐term
ownership in core businesses where it has a close relationship with management.
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