Lab supplier sells to investors
A pair of investors have acquired a West Michigan maker of ventilation products for laboratories.
Entrepreneurs Rick Claypool and Nate Thornton, who worked together at Hudsonville-based Intex Technologies, recently acquired Muskegon-based Iroquois Hoods from owner Michael Gross, according to Grand Rapids-based Calder Capital this month.
Iroquois Hoods specializes in making custom fume hoods.
Terms of the deal were not disclosed.
Gross acquired the business in 2001 and said he had been looking for the right buyers, so he could retire.
“I was particularly pleased with Nate and Rick’s strong background in business and manufacturing,” Gross said. “Their drive, connections and business acumen have given me tremendous confidence in the future growth and continuity of Iroquois Hoods.”
Gross plans to remain with the business as Claypool transitions into the role of CEO and Thornton becomes CFO.
Ghazey Aleck, a mergers and acquisitions associate at Calder Capital, served as the lead M&A adviser to Iroquois Hoods in the transaction.
This was the 18th transaction of the year for Calder Capital's small business team.
Founded in 1957, Iroquois Hoods is manufacturer of laboratory furniture with an emphasis on custom fume hoods.
Fume hoods are local ventilation devices that are designed to decrease an individual’s exposure to hazardous or toxic fumes, vapors or dust.
The company’s customers are primarily in the higher education, scientific, manufacturing and governmental markets.