SAVANNAH, Tn. - Big Shoulders Capital and Iroquois Industrial Group have formed a joint venture to purchase the assets of Savannah All America Millwork and Fabrication in Savannah, Tennessee. Big Shoulders says the purchase will save around 100 jobs that would have been eliminated.
"We saw great potential in the skills and talents of the employees of Savannah All America and believed that if we properly capitalized the business, investing in the people of this community, we could create real value for customers and preserve those jobs," said Todd DiBenedetto, president of Big Shoulders Capital in Northbrook, Illinois.
Savannah specializes in wood, metal, and granite products for the restaurant, food service, and healthcare industries - particularly in food display counters that Big Shoulders says are widely used. Investors say they are ready to expand the company into new markets.
Big Shoulders partnered with Iroquois Industrial Group in Watseka, Illinois in the acquisition. Shane Dittrich, president of Iroquois, is now one of the principals of Savannah Industrial Solutions.
"We already have a strong presence in the metal fabrication industry through one of our portfolio companies, T&D Metal Products, and we're confident we can leverage our network of customers, distributors and sales representatives to benefit Savannah," he said. "We are looking forward to growing this business."
Savannah was purchased by a private equity group in 2014 and the resulting debt burden proved to be more than the operations could support. The new Savannah Industrial Solutions is an independent company and part of the portfolio of companies currently operated by Big Shoulders and Iroquois Industrial.
Big Shoulders Capital finances and invests in privately-owned commercial and industrial companies in distress or special situations. It owned Harden Furniture, one of the nation's oldest furniture makers, for a brief period before it sold the company's assets to PPL Group.
Terms of the Savannah sale were not disclosed.
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