LAFAYETTE – Successful Greeley entrepreneur Tim Petersen has acquired the assets of Paneltec Corp., a 20 year manufacturing company that produces lightweight, high strength honeycomb panels. Mr. Petersen and his newly hired COO, Lanny Duggar have elaborate plans to improve and grow the company.
“A large capital investment will bring immediate results by increasing capacity and improving quality. We expect strong job growth inside of the company. We will expand in sales and number of markets served”, says Tim Petersen, former owner of Petersen Pet Provisions and Western Plains Seed and Garden Supply. “We will be fortifying the business in aerospace, marine, railcar, architectural elements and many other industrial markets. This is an industry that has tremendous upside potential. We will bring economic growth to the area”.
The new owner has great confidence in his ability to develop Paneltec, LLC. With a reputation for starting and growing successful companies, Mr. Petersen is known for building positive business cultures, for high employee retention, and for his community involvement. COO, Mr. Lanny Duggar is a seasoned professional with years of management experience in construction, logistics, distribution, sales, and marketing.
Susan Schell, President of Citadel Advisory Group, facilitated the transaction. “We worked for several years with the owner of Paneltec to find a buyer capable of taking his company to the next level. We couldn’t have asked for a more perfect union”, said Ms. Schell. Citadel Advisory Group is a team of premier mid-market Investment Banking professionals offering majority or minority recapitalizations, exit and succession planning, divestment and management buyout consulting, among other merger and acquisition services. Paneltec is a manufacturer of composite honeycomb panels. Honeycomb is lightweight and high strength as well as being very versatile for use in numerous applications. It is used in such things as panels for rail, marine and ground transportation; displays; small platforms; construction applications; flight simulation and aerospace systems, and for signage that has to be durable and manageable. Call for more information on custom panels and lamination for your application.
SOURCE: Paneltec Corp.
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