Protegrity Advisors Represents Mercer in Divestiture and Sale of Industries Division to Champion Cutting Tool Corp.
Protegrity Advisors, a leading M&A advisory firm with offices in Ronkonkoma, Westbury and Riverhead, has served as the advisor to Mercer Tool Corporation in the acquisition of its Mercer Industries business unit by Champion Cutting Tool Corp. Both companies are headquartered on Long Island, and as part of the acquisition, Champion will expand to take over operations at Mercerâ€™sâ„¢Â second distribution center in California.
Mercer was founded in 1968 by Mel Wallick and earned a reputation across the United States and in other countries for quality, value, performance, service, and selection. Mercer Industries offers more than 3,000 products, including coated and bonded abrasives, files, wire brushes, diamond and carbide blades, and safety products. Champion Cutting Tool Corp. was founded in 1897 by Leon Frey Sr., and is a supplier of over 10,000 high-performance metal and concrete cutting tools to the industrial market.
According to Protegrity CEO Gregg Schor, The acquisition of Mercer Industries will give both Championâ€™sâ„¢ and Mercerâ€™sâ„¢ customers the convenience of purchasing from a comprehensive catalog of synergistic products from a single supplier. And from a company culture perspective, both companies are multi-generational family businesses with dedicated and knowledgeable employees, and a strong sense of traditional values, making it a great fit from every perspective.
A divestiture of a business unit can be complicated on many levels, but with the help of the team at Protegrity Advisors, we were able to position the business effectively, navigate through the complexities, and achieve a very successful result , said Jim Wallick, former President of Mercer Industries, who will be joining Champion as Global Director of Sales â€ Abrasives Division.
The divestiture enables Mercer to focus greater attention and resources on the growth and expansion of the Mercer Culinary business, which manufactures and supplies cutlery and kitchen supplies to the commercial foodservice industry, culinary schools and professional chefs, as well as to the increasingly more sophisticated home consumer market.
If you are a business owner interested in this process, or a PE firm interested in learning what businesses are available, contact us to learn how Protegrity Advisors can help you.