Precision Sure-Lock manufactures steel anchorage products used to hold cables in concrete construction and related products.
The founders of two independent, unaffiliated businesses each desired to retire and achieve liquidity for all of their interests in their businesses.
In May 2002 Argenta Partners acquired 2 unaffiliated manufacturing businesses which together dominated the U.S. production and supply of certain steel anchorage products used in post-tension and pre-stressed concrete construction. We acquired both businesses on the same closing date and methodically and successfully merged the management and operations.
We facilitated the hiring of key members of the leadership team including a new Chief Executive Officer, a new Chief Financial Officer and a new Vice President of Manufacturing. We assisted with implementation of new accounting procedures and management information systems. Manufacturing operations were reorganized with improved efficiency and improvement in raw materials and inventory control.
The business achieved significant organic growth with attractive profit margins. In April 2006 the business was sold to a NYSE buyer resulting in a substantial gain for the investors and for the new management.
As viewed by the former CEO and President:
"John and Harry had a vision to see what the combination of these 2 businesses could add up to in the marketplace. They saw the potential and were willing to hire the right people to run the business. I was fortunate to lead this new business and we had an excellent relationship throughout the partnership.
Argenta Partners ensured that the business was fundamentally strong and well-capitalized. Their management style is to engage but not micromanage. They worked along side the management team, asked the right questions, and always came to the right decision. Throughout the relationship, Argenta Partners provided us with invaluable assistance and access to great connections and resources.
One of Argenta's great strengths is their ability to be patient - this distinguishes them from other private equity firms. They don't have a fund pressing them to flip the business and as a result, they take a long term view of the business. They are also patient enough to time the exits properly - in our case, it was done thoughtfully and with perfect timing.
Argenta Partners treated all investors and the PSL management team very fairly and with respect. It was a great partnership and friendship and I think anyone would welcome the opportunity to work with them again."
Bob Van Noord
Former CEO and President, Precision Sure-Lock, Inc.