"Promontory Point Capital's investment banking team managed the sale of Standard Equipment with outstanding professionalism. After spending 49 years with the Company, I needed trusted partners who understood the financial complexities of the business and respected the personal significance of this sale. PPC provided the guidance and support we needed at every step, ensuring a successful outcome and a smooth transition." Jerry Donlon President & Majority Owner Standard Equipment Co.
Promontory Point Capital is excited to announce another one of our firm’s recent client successes.
Standard Equipment Company (“SECO”) is a distributor, reseller, and servicer of utility and sewage equipment serving municipalities, contractors, and other businesses throughout Chicago and the surrounding region. Initially established in 1969 as a distributor of Elgin® street sweepers, the Company grew its offering to include Vactor® sewage trucks, Autocar® chassis, Environsight® sewer televising equipment, Ring-O-Matic® vacuum excavation products, and other industrial equipment brands. Beyond selling industrial equipment, Standard Equipment also generates revenue through industrial equipment leasing and an extensive aftermarket parts & service business to address varying customer needs.
As the Company’s second-generation family ownership contemplated shareholder liquidity and transition goals, Promontory Point Capital was engaged to explore strategic alternatives for the business. PPC’s engagement began with preparing the business for sale which included the creation of a comprehensive Memorandum and performing extensive research on acquirers that may be attracted to SECO’s complete product & service offering. Given the Company’s strong market presence, solid industry reputation, and diversified revenue stream, PPC attracted substantial interest from strategic acquirers and private equity buyers.
After soliciting Letters of Intent from multiple bidders for SECO, PPC recommended proceeding with an offer proposed by Federal Signal Corporation (NYSS: FSS), a leading global designer, manufacturer, and supplier of equipment and solutions that serve municipal, governmental, industrial, and commercial customers. PPC assisted Standard Equipment in negotiating a Letter of Intent, managed all due diligence activities, and helped the parties close the transaction. The transaction allowed Standard Equipment’s shareholders to achieve their desired ownership liquidity objectives while aligning the business with a partner to support SECO’s next phase of growth. The sale transaction was closed during the fourth quarter of 2024 representing another successful Done Deal for Promontory Point Capital. Read Press Release
Christopher Riegg is an investment banking professional with over three decades of experience providing strategic and financial guidance to business owners and executives. As a partner at Promontory Point Capital, Christopher Riegg has worked with over 200 companies across various industries, including manufacturing, distribution, technology, and services. His focus areas include mergers and acquisitions, debt restructuring, recapitalization, and private equity capital.
PROMONTORY POINT CAPITAL
MILWAUKEE
Chris Riegg
Partner
[email protected]
Bill Penkwitz
Partner
[email protected]