Ferry Industries, the largest manufacturer of rotational molding machinery, was purchased by Madison Industries, a Chicago holding company that is the successor to private equity firm Madison Capital Partners.
Harry Covington, Ferry's longtime president and owner, will remain as president and has retained an ownership stake, according to a news release posted on the machinery company's website.
In the release, Covington said: “Ferry will continue to be an independent operating company managed by our existing team and remain in Stow, Ohio.”
In addition to rotomolding machines, Ferry also makes Quintax CNC machining centers for routing and trimming plastic parts, and Femco band-saws for structural honeycomb and flexible foam.
Terms of the deal were not disclosed.
Madison Capital was a private equity investor that, over the years, owned, and later sold, several major plastics machinery and hot-runner businesses, including KraussMaffei Group, the multi-brand injection molding machine and extruder manufacturer, thermoforming equipment maker Brown Machine, machine rebuilder Epco, auxiliary equipment makers Cumberland Engineering, Dynisco and hot-runner maker Synventive. Madison Capital also has owned several plastics processors.
Larry Gies founded Madison Capital Partners in 1994, and the firm created a Plastics Group the following year.
Last year, the company became Madison Industries, a holding company that is majority owned by its executive team and board, made up of CEOs, chief financial officers and entrepreneurs. According to the Madison Industries website, the business does not have an investment fund, but instead is focusing on long-term ownership.
Gies is president, CEO and chairman of Madison Industries. Most of Madison Industries' current holdings are in the filtration industry.
Ferry Industries is the first company in Madison's newly formed Madison Industrial Solutions group. “Madison intends to grow this group by adding complementary companies and products,” the firm said in the news release.
Gies said he has known Covington for about 20 years, when he purchased a Ferry machine for a Madison company.