Crivello Group, LLC Announces Agreement to Acquire Assets of Thomas Equipment, LTD
Thomas Equipment 2004, Inc. formed to complete acquisition of international maker of a full line of Skid Steer and Mini Skid Steer Loaders, Screening Plants, Mini Excavators and Potato Harvesting Equipment.
Cape Canaveral, FL (PRWEB) September 20, 2004 -- Crivello Group, LLC (“CG”)
Managing Member Frank P. Crivello announced today that Thomas Equipment 2004,
Inc., (“Thomas”) an entity formed for this acquisition, reached agreement with
Thomas Equipment, Ltd., a wholly owned subsidiary of McCain Group, Ltd,
(“McCain”) to acquire substantially all of the operating assets of Thomas
Equipment, Ltd. The transaction is expected to close in October,
2004.
Thomas Equipment Ltd., www.thomasloaders.com, manufactures and distributes through a
worldwide network of dealers and distributors a full line of skid steer and mini
skid steer loaders as well as attachments, mobile screening plants and six
models of mini excavators. In addition to its industrial and construction
products it manufactures a complete line of potato harvesting and handling
equipment.
McCain is a multi billion dollar international holding
corporation focused on the food industry that recently decided to divest of
select non-core business activities. The company was established in 1943 and
became a wholly owned subsidiary of McCain in 1964. It is headquartered in
Centreville, New Brunswick, Canada with a workforce of approximately 400
people.
CG Managing Member Frank Crivello stated: “Thomas Equipment Ltd.
has a long and rich tradition. We have an able and skilled leader in Clifford M.
Rhee, a shareholder and the President of Thomas. Cliff is a proven executive
with over eighteen years of varied and progressive experiences in both
mid-market and large manufacturing enterprises. Cliff is a true entrepreneur
with a track record of building successful operations and making smart
acquisitions. Most recently, since 1994, he grew Pneutech Rousseau Group, a
leading fluid power manufacturing company, into a robust business with annual
revenue of $72 Million. As for our strategic objectives, we are negotiating with
several public companies to complete a merger of Thomas into a public company.”
Thomas President Clifford M. Rhee stated: “Thomas’ strong and high
quality product mix make this an attractive acquisition opportunity. Given my
international experience and industry contacts, I am confident we can
significantly expand Thomas’ revenue above current production levels. Our
mission is to make Thomas a leading international manufacturer in each of its
product lines.”
About Crivello Group, LLC www.crivello.com: CG is a
strategic advisors and partners to distressed and emerging companies. CG’s
solutions for distressed or emerging companies include:
* Stabilization
* Capital &
Debt Alternatives
* Staff, Boards, and Professionals
* Divestiture & Dissolution
*
Plan of Restructuring or Reorganization
Safe Harbor Statement Under the
Private Securities Litigation Act of 1995 - With the exception of historical
information, the matters discussed in this press release are forward-looking
statements that involve a number of risks and uncertainties. The actual future
results of CG could differ significantly from those statements. Factors that
could cause or contribute to such differences include, but are not limited to
assumptions relating to the marine market and that there will be no
unanticipated material adverse change in CG's operations or business.
Contact:
New-School Communications,
LLC
Blois Olson, 651-221-1999
www.new-school.com
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Source : http://www.prweb.com/releases/2004/9/prweb161944.htm