Business Description
Founded in 1958, Loos, has been a leading manufacturer of specialty small diameter wire, wire rope and cable, cable assemblies, and cable hardware (fittings, terminals) to the industrial, aerospace and defense, distribution and medical markets. Loos has manufacturing operations in Pomfret Connecticut and Naples Florida, Loos is the only vertically integrated manufacturer of aircraft control cable, cable assemblies, and hardware accessories - drawing wire, stranding into cable, manufacturing end fittings, and producing cable assemblies in North America.
Background
“Loos is a second-generation family owned company and we were looking to find a synergistic buyer that would continue the company’s commitment to its employees, customers, and business partners, to accelerate the development and production of the highest quality products and to uphold the company’s legacy in the industry and our communities. We found the perfect buyer with Central Wire.” said Joan Loos.
Solution
Richard Griswold, Loos’ President commented, “Loos is excited to join the Central Wire family. We are certain that the combination of these complementary businesses will provide a multitude of benefits, not the least of which is a company with both the strength and expertise to better serve all of our customers’ needs.”
Central Wire Industries (“CWI”), a closely-held private company manufactures and distributes specialty alloy wire and cable products. Headquartered in Perth, Ontario, Canada, it has 12 plants, 10 of which are in the United States. They sell their products into more than 50 countries.
Paul From, President of CWI said, “The addition of Loos to the Central Wire Group of Companies continues our strategy of broadening and diversifying product offerings and markets’ served around CWI’s industry-leading stainless and nickel alloy wire business.”
Michael Carter, Managing Director of CMM, explained, "We are very proud of working with the Loos family and the Loos management team to close this transaction. Loos & Co. is another example of our expertise helping privately held businesses prepare for a transaction and execute a disciplined process that balances maximizing value with finding the ideal buyer that meets the many needs of family businesses."
Other transaction advisors for Loos include: Robinson & Cole, who served as legal advisors, RSM who provided a quality of earnings report, Charles Sellon, as a trusted family advisor and PWC, as tax advisors.
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