FIP Finalizes Agreement to Purchase Weiss LLC
Foundation Investment Partners (FIP) today announced that it has finalized an agreement to purchase Holtsville, New York-based Weiss Instruments, LLC.
Under the agreement, FIP will combine the Weiss manufacturing facility with Miljoco Instrument Corp.—which it recently purchased—at Miljoco’s 50,000-square-foot facility in Mt. Clemens, Michigan. The Weiss and Miljoco brands and distribution networks will remain separate.
Foundation Investment Partners is a private equity firm focused on acquiring niche manufacturers, high value-added distributors, outsourced business service providers, and software developers. It partners with the owners and operators of smaller businesses to provide the support, guidance, and resources necessary to grow.
Weiss is a world leader in temperature and pressure instruments for commercial HVAC/R and OEM customers. Its portfolio includes HVAC thermometers and pressure gauges, OEM dial thermometers for the food service industry, and a growing line of sustainable, light-powered thermometers for air conditioning, refrigeration, food service, food retail, and industrial applications.
“We are excited to bring the Weiss Brand into the FIP Portfolio and to further strengthen its ability to serve customers and maintain its century-long reputation for quality and service,” said David Wood, President of FIP. “By combining the two manufacturing facilities, we will bring together the best manufacturing practices of both companies while allowing each to maintain its own market presence.”
“We are committed to make the transition as seamless as possible to our customers” said John Weiss, President of Weiss.
“We look forward to working with the Weiss family and are honored to be able to carry on and grow the Weiss Brand,” said Howard Trerice, President of Miljoco Corporation.
Jeffrey A. Fickes and Christopher J. DePizzo of Ballard Spahr’s Private Equity Group advised FIP in the transaction.
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