CHARLOTTE, N.C., Sept. 28, 2017 (GLOBE NEWSWIRE) -- Mosaic Capital Partners, LLC (“Mosaic”) announced today the structuring and funding of the Employee Stock Ownership Plan (“ESOP”) buyout of Galfab (or the “Company”), a premier manufacturer of waste hauling equipment with locations in Indiana and Arizona.
Galfab CEO, Jerry Samson, stated, “We were very thorough in our process to choose the right partner. It became evident that Mosaic offered our employees, customers and our growth strategy the best opportunity. The desire to create an ownership opportunity in Galfab for our over 150 employees was always the top priority for us. Our employees are the heart and soul of Galfab. We feel our corporate philosophy respects their individual skills, cooperative spirit and dedication to exceptional quality and service. This company was founded by Don Galbreath and built on his reputation in the industry. Taking care of all the employees was foremost on our mind. Galfab is well-known as an industry innovator and this new structure will position Galfab as a leading edge manufacturing employer.”
Mosaic Managing Partner Keith Butcher remarked, “Our team at Mosaic is honored to partner with Jerry, the management team and the employees in the Company’s transition to employee ownership. Galfab is recognized throughout the industry as a premier designer and manufacturer of waste equipment of all types.”
Galfab was previously owned by Wastebuilt Environmental Solutions, LLC (“Wastebuilt”) and will continue to partner with Wastebuilt going forward. Dave McKeon, COO of Wastebuilt, added, “We are very proud of Galfab’s growth and success under Wastebuilt’s ownership, and we look forward to partnering with Jerry and his team as Galfab becomes an independent, employee-owned company.”
Quarton International served as Galfab’s financial advisor during the transaction, and additional funding was provided by Star Mountain Capital.
Galfab, based in Winamac, Indiana and Phoenix, Arizona, is a leading manufacturer of cable roll-off hoists, single axle hook hoists, open top roll-off containers, packer receiver containers, front and rear load containers, self-contained compactors, self-dumping hoppers, and various other products for transportation in the garbage and scrap industry.
About Mosaic Capital Partners, LLC
Mosaic Capital Partners, LLC (“Mosaic”) is a private equity firm providing mezzanine debt and equity to privately held lower middle market companies. Based in Charlotte, NC, Mosaic employs traditional private equity buyout strategies while also applying the partners’ unique expertise in Employee Stock Ownership Plans (ESOPs). Mosaic aims to help business owners achieve liquidity, wealth transfer and ownership transition with its PE-ESOP product.
Source:Mosaic Capital Partners