Hagerstown, MD (PRWEB) November 20, 2013
The Association for Corporate Growth (ACG) – Maryland Chapter awarded Duvinage the 2013 Deal of the Year Award for Manufacturing & Distribution. The ACG Awards recognize and honor the most impactful business transactions, acquisitions, financings, and alliances in the region.
In 2012, as part of a weekly business outreach initiative, the Washington County Board of Commissioners visited Duvinage. During the visit to the custom staircase manufacturer, the Commissioners discovered the 118-year-old company was exploring expansion opportunities. Specifically, Duvinage had a unique opportunity to acquire Sharon Stairs, an Ohio-based stair manufacturing company with complementary products.
As a result of the visit, the County and City of Hagerstown were able to step in and connect Duvinage President, Robert A. Maruszewski, with potential funding sources. Among those sources was a County Commissioner approved $50,000 conditional loan which stipulated that Duvinage add and maintain more than 60 jobs through 2017.
“The timing of Washington County’s outreach to Duvinage could not have come at a better time. We had a tremendous acquisition opportunity in front of us, but we needed help to obtain financing. Washington County played a key role in both providing part of the financing, as well as helping us navigate other economic development financial options,” stated Maruszewski.
The loans from Washington County and the City of Hagerstown, allowed Duvinage to acquire Sharon Stairs and relocate their operations to Hagerstown, Md. The positive economic impact of this transaction is why Duvinage was selected by a panel of distinguished business leaders to receive the top honor under the Manufacturing & Distribution category.
Since 2012, the Board of County Commissioners and the Washington County Economic Development Commission have visited more than 60 businesses as part of this outreach initiative. The initiative was started as an economic tool to address the needs and concerns of existing Washington County businesses.
For more on the Duvinage acquisition of Sharon Stairs, watch: http://youtu.be/S7kEJv-tNCY. If you are interested in participating in the Business Outreach Program contact Business Support Specialist Linda Spence at 240-313-2280 or lspence(at)hagerstownedc(dot)org.
About The Washington County Economic Development Commission
The Washington County Economic Development Commission (EDC) is a volunteer advisory board comprised of representatives from public, private and nonprofit organizations in Washington County, Maryland. Offering insights on behalf of the Washington County business community, board member representatives make recommendations to the Washington County Board of County Commissioners aimed at addressing the needs of the business community in order to promote business-friendly practices and streamlined business development services. Visit http://www.hagerstownedc.org for more information.