Lesjöfors strengthens its position in the US by acquiring Tollman Spring
Lesjöfors has signed an agreement to acquire the shares in Tollman Spring Company. inc., a US spring manufacturer. Through the transaction, Lesjöfors further strengthens its US presence following the acquisitions of John Evans’ Sons and Plymouth.
Tollman, founded in 1945, is a manufacturer of industrial springs with a well-established market position. The diversified customer base consists of more than 500 customers, mainly in the Industrial, Electrical, Defense & Firearms, and Automotive markets. As recently acquired Plymouth, Tollman is located in Bristol, Connecticut, enabling a seamless integration to the group. Tollman has about 100 employees.
Like Lesjöfors, Tollman has long-standing customer relationships, high technical expertise and strong emphasis on tailored solutions. Through the acquisition, Lesjöfors complements its industrial spring offering in the US, mainly within smaller dimensions, and builds further scale in the region. The transaction also enables other opportunities for profitable growth, such as purchasing coordination, cross-selling, as well as resource- and knowledge sharing with Lesjöfors’ other US companies, especially with Plymouth attributable to the close proximity.
Lesjöfors’ Group CEO, Ola Tengroth, commented on the acquisition: “Through this transaction, we increase our revenue in the US by c. 30 per cent, meaning that Lesjöfors now has a significant presence in the region. Tollman is a well-managed company which has made significant investments in recent years, and we see ample potential to accelerate revenue growth through Lesjöfors’ sales network.”
After the transaction, Tollman’s operative current owners, Rick Zink, Tim Dudzinski and Lisa Barnes, will remain operational during a transition period. The current plant manager, Matt Zink, will be promoted to CEO and continue to develop the business. In-line with Lesjöfors’ decentralized organization, the company will continue to operate under its own brand and management.
Tollman’s new CEO, Matt Zink, added: “I am very proud today and I would like to thank all our employees who make sure we continuously evolve as an organization. We are all excited to join forces with Lesjöfors and we are convinced that the transaction will strengthen both companies and unlock multiple opportunities for future growth.”
07/04/2023Enquire about this StoryReturn to News Overviews