The largest maker of concrete manhole cover rings in the Midwest has been sold to Solheim Investment Partners, a Minneapolis-based private equity firm.
Eull's Manufacturing in St. Michael was started in the family's backyard in 1962 and today also makes other construction products. Second- and third-generation family members were ready to retire and hired business brokers Sunbelt Business Advisorsin Minneapolis to find a buyer.
Terms of the deal, which was closed in June, were not disclosed.
"With its Midwest roots and emphasis on integrity and teamwork, we believe Solheim will continue to build on Eull's legacy of working hard, doing what is right, and being good to our co-workers, customers, and suppliers," said Kevin Eull in a statement.
All 25 employees of Eull's will be retained including Eull's family members who were working at the company.
"We're pleased to be able to carry forward the Eull's Manufacturing record of success and growth and also to continue the founders' legacy," said Dan Kubes, partner with Solheim Investment Partners, in a press release.
Solheim intends to make more acquisitions to build Eull's but has nothing specific at this time, a spokesperson said.
Solheim's other investment is Diversified Distributors, a Burnsville-based distributor of kitchen and bathroom cabinetry primarily to commercial contractors and building managers.
In addition to manhole rings and kits, Eull's is also the exclusive producer in Minnesota of Redi-Rock retaining wall systems. The precast concrete products are used in retaining walls along highway projects and in private landscaping projects.
The company also makes Vibra Press Roof Pavers used in rooftop plazas and decks and distributes a variety of precast hardscape product lines.
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St. Michael company, a big player in its field, sold to private equity firm - Minneapolis Star Tribune
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