Alistar Capital Group, which acquired a majority of Fleck Co. Inc. in mid-November, ousted top managers John E. and Duane P. Fleck in a surprising Dec. 22 change.
The two Fleck brothers left jobs at the injection molding firm their father founded, and Alistar's Scott Eshelman took charge of Auburn, Wash.-based Fleck. Eshelman confirmed the transition in a brief Dec. 31 interview.
John Fleck had been president and chief executive officer, and Duane Fleck was executive vice president and chief operating officer.
Bernard Greer, Alistar chairman and owner, informed the Fleck brothers of the change. Eshelman is one of five principals of Bellevue, Wash.-based Alistar, a strategic investment firm.
Other sources said that, prior to Dec. 22, the combination of the molder and the investor appeared to be working without significant changes for customers, vendors or operations.
Peter J. Fleck, now 82, founded the molding company in 1967 and retired in 1985, and sons John and Duane carried the business forward. John Fleck was named president in 1987.
In a trend pervading the industry, Fleck interests had sought additional financial resources beyond what were available from family members and others. Investment support was the goal, and Alistar fit the profile, having been involved in many corporate transactions ranging from $5 million to $110 million.
The Fleck family retains equity in the firm, though members may seek to sell the minority interests.
Fleck employs 170 at a 50,000-square-foot manufacturing plant and adjacent 10,000-square-foot tooling and engineering facility. It operates 21 Nissei presses, with clamping forces of 44-202 tons, and eight Toshibas with clamping forces of 60-250 tons.
A 1996 Washington Fast 50 award honored Fleck for sales growth over five years. Hewlett-Packard Co. recognized it for outstanding delivery performance in 1996, and Baxter Healthcare Corp. presented the firm with an excellence in customer service honor in 1997.