- people on the move
Holding company sells subsidiary
A diversified holding company in the region has sold a metalworks subsidiary it owned for 80 years.
Grand Haven-based JSJ Corporation finalized the sale of Dake Corp., also based in Grand Haven, to Irvine, California-based Laguna Tools, according to JSJ last week.
Terms of the deal were not disclosed.
JSJ said the divestiture will allow it to invest in other new, high-growth opportunities, while Dake will benefit from becoming part of an ownership group with expertise in equipment and machine distribution.
“While it’s not easy to part ways with a company that has been a part of the fabric of JSJ, this agreement is a true win-win-win,” said Nelson Jacobson, chairman and CEO, JSJ Corporation.
“Laguna Tools is adding an iconic brand with world-class products and an unbeatable team. Dake has an incredible opportunity to grow under the guidance of an industry veteran and leader. JSJ is open to pursue new investments that align with our focus on growth, technology and innovation.”
Laguna Tools CEO Stephen Stoppenbrink said he is “thrilled” to add Dake to his company’s portfolio.
“From its craftmanship to its culture, we believe Dake is an excellent addition to our company and further demonstration of our commitment to continued investment in our industry-leading product lineup.”
The Grand Rapids-based investment banking firm Charter Capital Partners served as exclusive financial adviser to JSJ Corporation.
Miller Johnson in Grand Rapids acted as JSJ’s legal representation.