US distributor Winsupply Inc has bought Industrial Equipment & Parts, a Plymouth, Minnesota-based supplier of heavy industrial pumps.
Industrial Equipment & Parts provides heavy industrial pumps and supporting value-added parts and services for the pulp, paper and ethanol industries in five surrounding states of the Upper Midwest.
Scott Koontz, previously the general manager at Industrial Equipment & Parts, is making a substantial investment in the acquired company, and becoming minority owner and president of the single-location business. Dayton, Ohio-headquartered Winsupply is the majority owner, reflecting its shared-ownership business model.
Privately-held Winsupply has nearly 600 wholesaling locations in 45 states. Under its co-ownership business model, Winsupply has majority equity in each of its locations, while the local company presidents and sometimes employees own substantial equity.
“Industrial Equipment & Parts has carved out a special niche as a value-added provider of industrial pumps to its customers,” said Monte Salsman, president of Winsupply Acquisitions Group. “Now Scott is making a substantial investment as minority owner of the company with Winsupply as majority owner so he can share in the company’s success.”
“This same model of shared success drives our business vision at Industrial Equipment & Parts,” said Koontz. “As the local company president, one of my primary responsibilities is to make the best choices I can towards protecting everyone's investments, including my own.”
Koontz will have autonomy as president and entrepreneur of Industrial Equipment & Parts, responsible for making local decisions that he believes are best for his company and his board of directors.
The company’s legal name changes to Winsupply of Plymouth, MN Co, but it will continue to do business as Industrial Equipment & Parts.