Pro Systems Sold to North River Capital LLC
October 6, 2017 FORT WAYNE, IN: North River Capital LLC, a Fort Wayne-based equity capital firm, announced earlier this month that is has acquired a majority interest in Pro Systems, LLC, located in Churubusco, Indiana. With 36 employees, Pro Systems is an industry leader in the design and construction of automated machines and systems for the plastics and other industries.
Terms of the deal were not disclosed. The majority interest was purchased from Wayne Gibson, who founded and has led the Company for the last 20 years. Mr. Gibson will continue in his role as President, leading the Pro Systems team.
“We’re very pleased to be partnering with Mr. Gibson and have Pro Systems join our growing portfolio of companies focused on core industrial manufacturing,” Grant Schultz, a principal at North River Capital, said in the statement. “Pro Systems has an outstanding reputation, a strong design and manufacturing team, and a demonstrated ability to grow, even in volatile periods. We are looking forward to the opportunity to help the organization affect the next phase of its growth strategy.”
“I am excited to be partnering with North River Capital and believe this transaction will accelerate our growth trend and be strategically beneficial to our customers and our employees,” Gibson said in the statement. “With North River being a local firm, it positions them to work more closely with our team, enabling Pro Systems to take maximum advantage of their business expertise. Finding a partner to match our cultural and business philosophies was a prime objective, and North River is a great match with Pro Systems.”
1st Source Bank, headquartered in South Bend, Indiana, provided financing for the transaction.
The Principals of True North, acting in the capacity of registered agents of Burch & Company, Inc. (“Burch”), were the lead strategic and financial advisors to Pro Systems on the sale of the business. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SiPC. Burch and True North are not affiliated entities.