Big Shoulders Capital and Iroquois Industrial Group announced Tuesday they have formed a joint venture to purchase the assets of Savannah All American Millwork and Fabrication in Savannah.
According to a news release from marketing communications firm The Nicholson Group, the purchase will save approximately 100 jobs which would otherwise have been eliminated.
A new company, Savannah Industrial Solutions, has been formed to manufacture metal and wood products for the restaurant, food service, healthcare, telecommunications, municipal and other markets.
Savannah All American was known for its manufacture of food display counters and bars.
“We saw great potential in the skills and talents of the employees of Savannah All American and believed that if we properly capitalized the business, investing in the people of this community, we could create real value for customers and preserve those jobs,” said Todd DiBenedetto, president of Big Shoulders Capital in Northbrook, Illinois.
Big Shoulders partnered with Iroquois Industrial Group in Watseka, Illinois in the acquisition.
Shane Dittrich, president of Iroquois, is now the principal of Savannah Industrial Solutions.
“We already have a strong presence in the metal fabrication industry through one of our portfolio companies, T&D Metal Products, and we’re confident we can leverage our network of customers, distributors and sales representatives to benefit Savannah,” Dittrich said. “We are looking forward to growing this business.”
Savannah Industrial Solutions will expand beyond the markets it currently serves, according to Dittrich.
Savannah All American was purchased by a private equity group in 2014 and the resulting debt burden proved to be more than the operations could support, the news release states.
“We will bring some additional resources to this business, including our sales and marketing expertise, as well as properly capitalizing the business so it is positioned to grow,” said Dittrich.
The new Savannah Industrial Solutions is an independent company and part of the portfolio of companies currently operated by Big Shoulders and Iroquois Industrial.
Dittrich and DiBenedetto say they anticipate creating additional jobs in Savannah as the business plan for the company is implemented.
The successor company traces its roots to 1991 when American Foodservice was established in Savannah as a millwork supplier to the restaurant and food service industries.
Savannah Industrial Solutions is at 735 Florence Road, Savannah.
Big Shoulders Capital finances and invests in privately-owned commercial and industrial companies in distress or special situations.
Iroquois Industrial Group is a holding company operating eight companies in the metal fabrication, steel processing, trucking, healthcare and automotive industries.
Terms of the sale were not disclosed.