Cape Canaveral, FL (PRWEB) September 30, 2004
Crivello Group, LLC (ÂCGÂ) Managing Member Frank P. Crivello announced today that Thomas Equipment 2004, Inc., (ÂThomasÂ) an entity formed for this acquisition, reached agreement with Thomas Equipment, Ltd., a wholly owned subsidiary of McCain Group, Ltd, (ÂMcCainÂ) to acquire substantially all of the operating assets of Thomas Equipment, Ltd. The transaction is expected to close in October, 2004.
Thomas Equipment Ltd., http://www.thomasloaders.com, manufactures and distributes through a worldwide network of dealers and distributors a full line of skid steer and mini skid steer loaders as well as attachments, mobile screening plants and six models of mini excavators. In addition to its industrial and construction products it manufactures a complete line of potato harvesting and handling equipment.
McCain is a multi billion dollar international holding corporation focused on the food industry that recently decided to divest of select non-core business activities. The company was established in 1943 and became a wholly owned subsidiary of McCain in 1964. It is headquartered in Centreville, New Brunswick, Canada with a workforce of approximately 400 people.
CG Managing Member Frank Crivello stated: ÂThomas Equipment Ltd. has a long and rich tradition. We have an able and skilled leader in Clifford M. Rhee, a shareholder and the President of Thomas. Cliff is a proven executive with over eighteen years of varied and progressive experiences in both mid-market and large manufacturing enterprises. Cliff is a true entrepreneur with a track record of building successful operations and making smart acquisitions. Most recently, since 1994, he grew Pneutech Rousseau Group, a leading fluid power manufacturing company, into a robust business with annual revenue of $72 Million. As for our strategic objectives, we are negotiating with several public companies to complete a merger of Thomas into a public company.Â
Thomas President Clifford M. Rhee stated: ÂThomasÂ strong and high quality product mix make this an attractive acquisition opportunity. Given my international experience and industry contacts, I am confident we can significantly expand ThomasÂ revenue above current production levels. Our mission is to make Thomas a leading international manufacturer in each of its product lines.Â
About Crivello Group, LLC http://www.crivello.com: CG is a strategic advisors and partners to distressed and emerging companies. CGÂs solutions for distressed or emerging companies include:
- Capital & Debt Alternatives
- Staff, Boards, and Professionals
- Divestiture & Dissolution
- Plan of Restructuring or Reorganization
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of CG could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in CG's operations or business.
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