MONROE - One of Monroe's largest employers, Monroe Truck Equipment, is getting an investment from an Illinois equity firm that could result in more locations for the company that specializes in snow and ice removal equipment for trucks.
MTE employs about 600 people at its six locations, with its home base in a 350,000-square-foot facility in Monroe. MTE's other locations are in Marshfield; Joliet, Ill.; Flint, Mich.; and Louisville, Ky. With the help of Evanston, Ill. company Industrial Opportunity Partners, MTE could be expanding further, though plans are still in preliminary stages.
Rick Rufenacht, vice president of marketing and sales at MTE, said Tuesday the investment is of mutual benefit for both companies and MTE is far from looking for a hand-out.
"We are not distressed at all," Rufenacht said. "They are a good fit with our philosophy and they invested with us to take our company to the next level."
For now, plans to expand MTE are only being discussed, but Rufenacht said the company hopes to add more locations in the future. Rufenacht and his two partners, Dave Quade and Greg Krahenbuhl, will retain ownership and management of MTE regardless of the investment. An IOP representative, Andy Weller, will be engaging as chairman and partner with MTE.
Rufenacht said IOP's investment will have little influence over the day-to-day operations.
"From our customers' or employees' perspective, nobody would know the difference," Rufenacht said.
Monroe Truck Equipment began in 1958, and built its current facility on Monroe's westside in 1989. According to MTE's website, the company has clients across the Midwest and in China and processes more than 18,000 trucks per year.
"Our clients in China use snow and ice equipment, and the majority of our volume is outside this area," Rufenacht said.
Officials would not disclose the amount of money IOP is investing in MTE. Senior Managing Director of IOP Bob Vedra said because IOP manages revenue in excess of $150 million, the company is closely watched by the Federal Trade Commission and he is not allowed to say how much money was invested into MTE.
"Anything related to transactions is off-limits," Vedra said.
He said this is a typical investment for IOP and it will work with MTE to grow the business in the future.
"We haven't identified any specific geographical location," Vedra said. "What we will do is work with management to identify logical new markets and stick with their roots in the snow and ice space."
IOP is an equity firm with $460 million in committed capital with annual revenue between $30 million and $350 million from their investments, according to the release. IOP invests in agriculture construction equipment, automotive, commercial vehicle components, electronics, defense and aerospace.
MTE employs about 600 people at its six locations, with its home base in a 350,000-square-foot facility in Monroe. MTE's other locations are in Marshfield; Joliet, Ill.; Flint, Mich.; and Louisville, Ky. With the help of Evanston, Ill. company Industrial Opportunity Partners, MTE could be expanding further, though plans are still in preliminary stages.
Rick Rufenacht, vice president of marketing and sales at MTE, said Tuesday the investment is of mutual benefit for both companies and MTE is far from looking for a hand-out.
"We are not distressed at all," Rufenacht said. "They are a good fit with our philosophy and they invested with us to take our company to the next level."
For now, plans to expand MTE are only being discussed, but Rufenacht said the company hopes to add more locations in the future. Rufenacht and his two partners, Dave Quade and Greg Krahenbuhl, will retain ownership and management of MTE regardless of the investment. An IOP representative, Andy Weller, will be engaging as chairman and partner with MTE.
Rufenacht said IOP's investment will have little influence over the day-to-day operations.
"From our customers' or employees' perspective, nobody would know the difference," Rufenacht said.
Monroe Truck Equipment began in 1958, and built its current facility on Monroe's westside in 1989. According to MTE's website, the company has clients across the Midwest and in China and processes more than 18,000 trucks per year.
"Our clients in China use snow and ice equipment, and the majority of our volume is outside this area," Rufenacht said.
Officials would not disclose the amount of money IOP is investing in MTE. Senior Managing Director of IOP Bob Vedra said because IOP manages revenue in excess of $150 million, the company is closely watched by the Federal Trade Commission and he is not allowed to say how much money was invested into MTE.
"Anything related to transactions is off-limits," Vedra said.
He said this is a typical investment for IOP and it will work with MTE to grow the business in the future.
"We haven't identified any specific geographical location," Vedra said. "What we will do is work with management to identify logical new markets and stick with their roots in the snow and ice space."
IOP is an equity firm with $460 million in committed capital with annual revenue between $30 million and $350 million from their investments, according to the release. IOP invests in agriculture construction equipment, automotive, commercial vehicle components, electronics, defense and aerospace.