HCI Equity Partners V, a private equity firm, has purchased JGB from its founder Jay Bernhardt in December 2018. The two parties kept mum on the price of the deal, but HCI claimed that it expected no changes in the current operations of the organization. Further, JGB President and CEO Bob Zywicki stated that current management will remain in place. The company currently has more than 300 employees on its roster, 250 of whom are in four buildings in the Liverpool area.
HCI stated, “We are extremely pleased with the outcome of this transaction and are excited about the prospects of the partnership with the JGB team. The partnership looks forward to the opportunity to fund add-on acquisitions given the large and fragmented market in which JGB participates.”
Since its founding more than 40 years, the company has been involved in the business of selling industrial and hydraulic assemblies. Jay Bernhardt stated he sold the company because he didn’t have anyone to leave the business to once he retires.
Image Courtesy: JGB Enterprises, Inc.