Minneapolis private equity firm ShoreView Industries has acquired Lincoln, Neb.-based custom injection molder, Garner Industries LLC.
"Phil Mullin, the majority owner and leader of Garner for more than 50 years, was looking to retire but wanted to leave the company in excellent hands." Scott McLain, president and CEO of Garner, said in an Aug. 7 news release.
"The partnership will allow Garner to enter the next phase of its growth strategy through both new product development and penetration into new, high-value end markets," the release said.
Garner Industries manufactures level-measurement sensors and offers precision tooling, mold building, custom machining and injection molding for electronics, telecommunications, medical, automotive, defense, aerospace and other industries.
It also manufactures the BinMaster brand of bulk solid and liquid bin level indicators for the feed and grain, food, plastics, pulp and paper, power, mining, and concrete industries.
Omaha, Neb.-based Bridgeport Investment Banking acted as the financial adviser to Garner Industries.
"It was a privilege to bring together two strong Midwest companies in this transaction," Kate Loughran, managing director and co-head of industrials at Bridgepoint said in the release.