CLEVELAND and BOSTON, July 11,
2024 /PRNewswire/ -- MPE Partners ("MPE" or
"Morgenthaler Private Equity") along with portfolio company Webster
Industries ("Webster"), announced
a strategic investment in Bar Holdings, Inc. d/b/a Allor
Manufacturing and Plesh Industries ("Allor" or the "Company").
Allor is a leading provider of new replacement parts, and
refurbished components primarily for the steel industry. The
Company manufactures and services a wide range of aftermarket
products for leveling and conveyance systems including chains,
wheels, levelers, work rolls, and bearings.
MPE and Webster partnered in
the transaction with Allor's President, Tony Allor, and its management team. AJ Felter,
Chief Executive Officer of Webster, said, "Allor has a rich history and
sterling reputation, with Tony establishing the Company as the
go-to-provider in its industry. We look forward to better serving
our combined customer base with a broader set of chain and leveling
products and aftermarket service capabilities."
Tony Allor noted, "Webster's long track record of manufacturing
excellence, customer focus, and employee-oriented culture resonated
with us when seeking out a partner. I am excited to continue this
journey with AJ and his team to continue to carry on the legacy of
my father, who founded Allor in 1970, and grow the Allor and Plesh
brands."
Constantine Elefter, Partner at
MPE, added, "Allor is a great addition to Webster. Allor has a strong leadership team
who has positioned the Company for continued commercial and
operational success. We are thrilled about this strategic
combination and working alongside Tony and the Allor team."
Fidelity Direct Lending and Apogem Capital provided financing to
support the transaction. Jones Day served as legal
advisor to MPE. Carleton McKenna
& Co. served as financial advisor to MPE. Terms of the
transaction were not disclosed.
About Allor-Plesh Manufacturing
Headquartered in
Brighton, MI, Allor is a leading
provider of custom designs and solutions in the manufacturing of
conveyors, levelers, chain, wheels, rolls, bearings, and other
replacement components. The Company serves a range of industrial
end users, including steel mills and service centers, and plays a
critical role in maintaining customers' leveling and conveyance
equipment to support ongoing operations. For more information,
please visit https://allorpleshinc.com/.
About Webster Industries
Founded in 1876 and
headquartered in Tiffin, OH,
Webster is a leading manufacturer
of engineered class chain, engineered class sprockets, and
vibratory equipment for material handling and power transmission
applications. Webster serves OEMs
/ systems integrators, power transmission distributors, and end
users across a diverse set of industrial end markets including
forest products, grain, recycling, and aggregates. Webster operates from facilities in
Tiffin, OH, Newberg, OR, and Meridian, MS, and goes to market under the
Webster and Action brand names.
For more information, please visit
https://www.websterchain.com/ and https://actionconveyors.com/.
About MPE Partners
MPE Partners ("MPE" or
"Morgenthaler Private Equity") seeks to be the preferred partner
for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower
middle market companies with EBITDA between $8 million and $40
million. MPE has two primary target investment areas:
high-value manufacturing and commercial & industrial services.
For more information, please visit www.mpepartners.com.
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SOURCE MPE Partners