Fort Wayne, Indiana-based equity capital firm, North River Capital LLC, acquired the assets and business of Wayne Manufacturing Corporation.
Wayne Manufacturing works in the axle component design and assembly market, providing complex component products to the transportation industry. The company employs 50 people in a 110,000 sq. ft. manufacturing facility on 14 acres in LaOtto, Indiana.
Originally founded in 1963 as Wayne Tool and Design, expansion into metal stamping and assembly led to the creation of Wayne Manufacturing Corporation in 1982. Going forward, the company will operate as Wayne Manufacturing, LLC.
In a statement from Dresner Partners, financial advisors to Wayne Manufacturing Corporation, Danny Rifkin, of North River Capital, was quoted as saying: “We’re excited about Wayne Manufacturing, and are looking forward to new opportunities in the industrial manufacturing sector. We have been impressed with the company’s performance through this cycle and credit excellent leadership and a dedicated team of outstanding people for this. We are confident that this culture will serve as a solid foundation for the company’s next phase of growth”.