May 18, 2011
Minneapolis, MN. – Turning Point Management Advisors, LLC (“Turning Point”), a leading consulting firm providing business recovery solutions, interim executive management and business brokerage services, is pleased to announce their client, Ramco Innovations, Inc. ((“Ramco”)), Des Moines, IA, has sold Humboldt Controls and Fabricating LLC (“HCF”), Humboldt, IA, a division of Ramco, to Voyager Aluminum (“Voyager”), Brandon, MN effective April 30, 2011.
The Seller HCF was established in 2001 in Humboldt, Iowa as a strategic expansion of Ramco. The division started in a 25,000 square foot facility specializing in the design and fabrication of custom stainless steel material handling and packaging equipment for food stock environments. The division was envisioned as an extension of Ramco and its controls business. HCF was designed to have the capability, resources and experience to offer certain upgraded levels of both fabrication and controls. HCF operated as a stand-alone entity with large, quality customers, including exclusive manufacturing agreements with companies like Wells Dairy (Blue Bunny) in Le Mars, IA.
Situation – Ramcos long-term plans for growth and profitability in the HCF expansion and strategic alignment with their controls business did not meet the strategic benchmarks of Ramco. Ramcos core business was growing, and therefore, decided to focus resources on that business.
Relationship with Turning PointRamco retained Turning Point to advise the Company and determine the best options to optimize HCFs value to Ramco. Options included selling the Division, continue current operations implementing a viable turnaround plan and/or invest in and grow the business. Turning Point determined the best option to be a sale of the division. Turning Point, through its broad base of contacts, identified a number of buyers that fit the profile.Voyager was an excellent fit as it was seeking to expand its market base, add product lines and establish a new distribution location.
Turning Point Management Advisors, LLC is a leading consulting firm providing business recovery solutions, interim executive management and M&A Advisory services to companies and their stakeholders that have reached a critical juncture, a “turning point”.Their focus is on restoring business value for all stakeholders, while leading organizations through transition. Their professionals have extensive executive level experience leading companies. Turning Point provides “decisive leadership guiding you through business crisis.”