CHICAGO — Chicago-based DNS Capital announced the acquisition of Boyne City-based IMI Holding Corp. from the Chattanooga, Tenn. private equity firm River Associates Investments LLC. Terms of the transaction were not disclosed.
IMI is the parent of three businesses — Industrial Magnetics Inc., an industrial magnet manufacturer in Boyne City; Prater Industries Inc., a Bolingbrook, Ill. manufacturer of airlocks, mills, grinders, compactors and other equipment ofr changing the size of particles; and Sterling Controls Inc., a Sterling, Ill. manufacturer of process control and material handling equipment.
IMI’s products are used to handle, separate, lift and process a wide array of materials across a range of markets. Applications include metal removal, ingredient and particle sorting and sizing, and product purity and quality control. Markets served include food processing, conveying, bulk material and aggregate handling, and recycling, among others.
IMI CEO Bud Shear said that in DNS, IMI has “found a partner who understands the importance of preserving IMI’s unique culture and approach to serving its customers and employees. We look forward to a long and productive relationship with the DNS family.”
Added DNS president and CEO Michael Pucker: “In the IMI team, we found true partners who we can be aligned with on a long-term basis. Bud Shear and his team are first-class operators and we look forward to working with them to build upon the company’s long and distinguished history.”
More at www.magnetics.com, www.praterindustries.com, www.sterlingcontrols.com or www.dnscap.com.