Released on October 21, 2007

Watry Industries, Sheboygan, Wis., was sold for an undisclosed price in late summer to a private equity firm in Alabama.

On July 31, Ligon Industries LLC, Birmingham, Ala., purchased Watry, adding the permanent mold aluminum caster to its collection of 13 manufacturing companies. Ligon owns another permanent mold metalcasting facility in addition to Watry, as well as two vacuum casting facilities, seven hydraulic fluid cylinder makers and a metals fabrication producer. According to Ligon’s website, none of the firm’s purchases have ever been sold, and the company does not operate under the traditional buy-and-sell “private equity portfolio mentality.”

“It’s business as usual here, and that’s [Ligon’s] M.O. They want to leave it in the hands of local management,” said Bill Grider, a former Watry vice president of sales who has been made general manager under the new ownership. “They said we were doing a great job.”

According to the acquisition criteria listed on the company’s website, Ligon targets manufacturing companies valued between $10 million and $100 million with sales volumes between $25 million and $250 million. The company typically aims for 100% ownership in all-cash transactions.

The previous owners of Watry made the decision to sell based on a personal desire to exit the casting business, rather than due to flagging sales, according to Grider. And the metalcaster has so far continued its existing production schedule.

“The best way to say it is that we were a good company before, and we’re a good company now,” Grider said. “We’re in the process of making some minor changes, but we haven’t had enough time to do much.”