MINNEAPOLIS, MINNESOTA – Quazar Capital Corporation is pleased to announce that their client, Delta Waseca, Inc., was acquired by Chicago, IL based NEWF, LLC.
THE SELLER – Delta Waseca (www.deltawaseca.com) was founded in 1989, by Bruce Bean and Ken Willcox, when they purchased the assets of the Waseca, Minnesota based Delta Truck Body, Inc., which had been in business since 1966. Delta Waseca manufactures custom truck van bodies for medium duty trucks. The company is particularly skilled in manufacturing a variety of custom bodies, including Curtain-Side, Attic, Refrigerated, Moving Van, Step-Side, and various other custom truck and van bodies. The structure and components used by Delta Waseca in the manufacturing of its bodies are significantly stronger than other truck body manufacturers. This has provided Delta Waseca with a strong reputation for quality and long lasting products within the industry.
THE BUYER – NEWF, LLC, founded by Dee Kapur, is an Illinois based firm. Dee has extensive experience in manufacturing and strong relationships in the commercial vehicle industry. Prior to starting NEWF, LLC, Dee spent 10 years with Navistar in various executive roles including the President of Truck Group, Navistar Inc., and under his leadership, the Truck Group business tripled in size, from $4 Billion to $12 Billion in sales. Prior to that, Dee spent 25 years with Ford Motor Company in engineering and executive leadership roles.
THE TRANSACTION – Mr. Bean made the decision to sell Delta Waseca so he could spend more time with his family and friends. Mr. Bean also felt it would be good for the company to bring in new leadership to grow the business.
Quazar Capital Corporation contacted a number of qualified potential Buyers on Delta Waseca’s behalf. Dee’s strong leadership capabilities, and experience in the industry, made him the right choice for Delta Waseca, Inc.
POST-TRANSACTION PLANS – Using his experience and knowledge, Dee’s goals are to build on the singular work of Bruce Bean and Ken Willcox to further expand its customer base, distribution footprint, and grow the business to be the pre-eminent truck body builder in the industry. Many of the Delta Waseca employees and leadership will remain on board after the acquisition and will be an integral part of Delta’s continued success in the future.
QUOTES – What the parties are saying:
“I am confident that Delta Waseca will be in good hands with Dee Kapur and NEWF, LLC. I am excited to see the people that helped build the company continue to generate growth and I really felt that with Dee’s experience and background, this was the best avenue to help them achieve that growth.” Bruce Bean, Former President of Delta Waseca, Inc.
“Over the years Delta Waseca has built a strong following based on quality, service and reliability. This transaction will enable it to extend that profile into new markets.” Ken Willcox, Vice President of Delta Waseca, Inc.
“The Delta Waseca product aligns very well with my experience and knowledge in the automotive and manufacturing industries. We plan to continue Delta Waseca’s legacy of long-lasting, high-end truck bodies, and working with the current management team and employees to streamline and grow the Company’s operations and ensure superior products, while remaining a strong member of its local community.” Dee Kapur, President of NEWF, LLC.
ABOUT QUAZAR CAPITAL CORPORATION – Quazar Capital Corporation is an Investment Banking firm that specializes in confidentially helping privately held companies with Mergers and Acquisitions, recapitalizations, and financial advisory services.
ABOUT GRAY PLANT MOOTY – Founded in 1866, Gray Plant Mooty is the longest-standing law firm in Minneapolis. Gray Plant Mooty’s M&A team has experience with hundreds of transactions, from modest amounts to over $1 billion in value. A team of Gray Plant Mooty professionals led by John Brower, provided legal representation to the Seller.