Turning Technologies sold to out of state company.
http://www.wkbn.com/content/news/local/story/Turning-Technologies-Acquired-by-Florida-Equity/iLmio3AVvEafvk2oyOqW8A.cspx
http://www.business-journal.com/new-owners-see-growth-ahead-for-turning-p17336-1.htm
Turning Sold to Equity Fund
Aug. 30, 2010 11:40 a.m.
YOUNGSTOWN, Ohio -- Turning Technologies has been sold to Brockway Moran & Partners of Florida, the company announced this morning. Terms of the transaction were not disclosed.
Brockway is a private equity firm based in Boca Raton, Fla., with more than $1.3 billion of capital under management. According to its Web site, "The firm acquires growth-oriented middle market companies in partnership with exceptional management teams."
Mike Broderick, CEO of Turning Technologies, says he has signed a five-year management contract with Brockway that guarantees the company will remain in Youngstown.
QUESTION: But what will happen after after the 5 years are up?
It's sad to see this company sold to an out of state buyer. Turning
Technologies is nothing short of amazing - to see a company this
young do so well, and to do all of this in Youngstown!
Hopefully, the company will continue to grow as it has so far, and
when the five years is up it will remain in the city.
This is no longer a Youngstown based company. I bet this effects Youngstwon more than a shindig in Trumbull county.
"Brockway Moran, a firm that has $1.3 billion under management, acquired Turning from Talisman Capital Partners, a smaller equity firm in Columbus."
The sale really means nothing more than additional capital will be available to Turning to expand their operations. At some point they will have to leave downtown anyways if they continue to grow and expand and outgrow their current quarters.