For Immediate Release
August 24, 2016
J.F. Lehman & Company (“JFLCO”) is pleased to announce that it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units. In a return to its roots dating back to 1858, the new company will be named Lake Shore Systems, Inc. (“Lake Shore” or the “Company”). The acquisition will represent JFLCO’s 25th sponsored platform investment since the firm’s inception.
Lake Shore designs, engineers, manufactures and supports complex, heavy equipment systems to meet mission critical requirements in harsh operating environments, including large deck handling equipment, access and lifting systems for U.S. Government vessels and customized underground mining equipment for mine owners and operators around the world. The Company operates from facilities in Rhinelander, WI, Iron River, MI, Kingsford, MI, and Ontonagon, MI as well as other sales and service sites in the U.S. and Mexico.
Alex Harman, Partner at JFLCO, stated, “We are pleased to have Lake Shore join our expanding portfolio of defense, maritime and aerospace companies. They are an excellent fit with our investment strategy given their leading market positions, long-standing customer relationships and outstanding workforce. In today’s marine and mining marketplace, the need for specialized, high-quality, safe, and cost-effective solutions is growing, and Lake Shore offers a full-range of products and aftermarket services to meet this demand. We look forward to working with the management team to grow the business organically and through complementary add-on acquisitions.”
The transaction is expected to close later in 2016.