Established in 1974, Core Components is internationally recognized as a single-source supplier of HVAC, Controls, and Electromechanical Components for the electronics distribution and building automation industries.
The acquirer, Midwest Timer Service, Inc., has been in continuous operation in Benton Harbor, Michigan since 1954. For three generations, Midwest Timer has specialized in manufacturing high quality, reliable electromechanical timers for OEM markets, with a primary emphasis on the Appliance and Food Equipment Industries.
According to Midwest Timer co-owner, Bruce Chapman, “The Midwest Timer business has served our family well for over 60 years. As the industry evolves, so must our business. As many of our end markets move towards digital solutions, we decided early in 2017 to pursue acquisitions to diversify our product offering and open up additional end markets.” Keith Chapman, co-owner of Midwest Timer added “We are extremely excited about the opportunity provided by Core Components. Core is a well-established, highly-respected company that not only fits Midwest’s objectives from a growth and diversification perspective, but also from a cultural standpoint. Both companies are dedicated to customer service, continuous improvement and quality products. We feel it is a tremendous fit!”
Patrick Robey, lead transaction advisor and Director of Corporate Development at Calder Capital, LLC agreed. “It was truly a pleasure to work with Bruce and Keith of Midwest Timer, as well as Dave at Core – everyone was very professional and was able to work well together throughout the entire process. Buying and selling a company is a stressful experience for all involved and I give a lot of credit to all sides for working together diligently and positively to reach a mutually beneficial transaction.”
Calder Capital, LLC Served as Exclusive M&A Advisor to Midwest Timer Service, Inc.
“We engaged Calder Capital on the Buy Side to diversify our existing business with new products, markets and capabilities. Max Friar and Patrick Robey came to our facility to gain valuable insight into our specific needs and presented a comprehensive strategy on how they would locate a target company to meet those needs. We immediately felt comfortable with both Max and Patrick and with their approach in helping us meet our goals.
Within 30 days, Patrick had narrowed our search to a handful of companies and 45 days later we signed an Indication of Interest letter on the target company we eventually purchased. Throughout the Due Diligence process we found Patrick to be exceedingly knowledgeable and at all times seemed to be one step ahead of us. With each challenge that presented itself, Patrick had a solution available to solve it. He was available 24/7 and we often joked that he never slept as e-mails and spreadsheets would continue to arrive throughout the night. Five months later he guided us through a successful closing!
We hope to work with Calder Capital again on our next acquisition and would certainly call them when the times comes to sell our business as well. I would not hesitate to recommend their firm to anyone contemplating a business acquisition or sale and can confidently say the cost of their service was the best investment we have ever made.
Thank you, Max and Patrick, for your outstanding service!”
– Bruce Chapman, VP of Finance and Co-Owner, Midwest Timer Service, Inc.