Big Shoulders Capital and Iroquois Industrial Group formed a partnership to acquire the assets of Benda Manufacturing, a provider of conveyor and product handling systems for the food industry and other industries requiring integrated production line conveyors. The acquisition of the assets of the 30-year-old Tinley Park, IL-based manufacturer closed on Feb. 15 and a new company, Benda Conveyor Solutions has been formed resulting in the creation of new jobs as operations are restructured.
“We completed an evaluation of the business and determined the company has a competitive core product line supported by a strong customer base in a growing industry segment and saw an opportunity to make significant operating changes that will allow the company to thrive in the future,” Brian Schroeder, vice president of equity investments at Big Shoulders Capital, said.
Benda, despite an infusion of cash from the American Rescue Plan and the Paycheck Protection Program, was preparing to liquidate the business before Big Shoulders and Iroquois stepped in with additional capital and a reorganization plan to create an ongoing profitable business.
PPL Group was brought in to liquidate Benda when it asked Big Shoulders to evaluate the business as a going concern. PPL and Big Shoulders share common ownership and Big Shoulders has partnered with Iroquois Industrial in the acquisition and turnaround of several other manufacturing companies, including Savannah Industrial Solutions in Savannah, TN.