October 2019 – Calder Capital is pleased to announce the successful acquisition of Muskegon, MI-based Iroquois Hoods by individual West Michigan entrepreneurs Rick Claypool and Nate Thornton.
Founded 60+ years ago, Iroquois Hoods is manufacturer of laboratory furniture with an emphasis on custom fume hood products. Fume hoods are local ventilation devices that are designed to decrease an individual’s exposure to hazardous or toxic fumes, vapors, or dust. Fume hoods are considered one of the most important controls within laboratories, keeping workers protected by confining volatile fumes and toxins, removing them from the airflow, and then disposing of them via a laboratory exhaust system. Being one of the most important components of a laboratory, thousands of customers rely on the quality and proper development of these hoods to work appropriately and protect their employees. With over 60 years in the business, Iroquois Hoods has built a reputation on providing high quality, low volume fume hood solutions to a diversified base of customers primarily in the higher education, scientific, manufacturing and governmental markets. Michael Gross, who acquired the business in 2001, has spent years building the company into the well-established business that it is today.
After spending years with the company, building its network and name, Mr. Gross desired to retire and find the right partner that he could transition the business to. He hoped for a quick transaction with the ideal buyer being someone who kept the operations for the company local. Calder Capital delivered multiple offers and a strong buyer pool, and Mr. Gross made his decision when Calder introduced him to Mr. Rick Claypool and Mr. Nate Thornton, who pursued the acquisition diligently and expediently. According to Mr. Gross, “I was particularly pleased with Nate and Rick’s strong background in business and manufacturing. Their drive, connections and business acumen have given me tremendous confidence the future growth and continuity of Iroquois Hoods.” Mr. Gross plans to remain with the business to ensure a smooth transition between leadership.
Calder enjoyed the process of working with both the buyers, Rick Claypool and Nate Thornton, and the seller, Michael Gross. Both parties worked hard to ensure a smooth and speedy transaction, one that not only will benefit the company in its future but leaves Mr. Gross content that he has left his company in the very capable hands of its new owners.
According to Calder Capital Managing Partner, Max Friar, “Iroquois Hoods was close to an ideal transaction in terms of the quick time to market, significant buyer interest, and fast, amenable closing. The buyer and seller moved quickly and remained reasonable, and that certainly helped to expedite the goals of both!” According to Friar the Iroquois Hoods transaction represented the 18th transaction of the year for the Calder Capital/SBDA Team. “It is only October and we are pleased to have tied our company record of 18 closings in one year. We have a significant number of sellers under contract and fully expect to end 2019 on a record-smashing pace!”
Calder Capital, LLC served as the exclusive M&A Advisor for Iroquois Hoods. Ghazey Aleck, Calder Capital Mergers & Acquisitions Associate, served as the Lead Advisor for Iroquois Hoods.