Load Rite Becomes a Management-Owned CompanyFind Posts
June 2012 -Load Rite Trailers, Inc. was purchased by its management team and an investor group from its 14 year owner, Penguin Industries. Tom Morrison, President and CEO of Load Rite led the management team buyers which include all of the senior managers and the investor group includes two executives involved with the company for quite some time.
Members of the investor group include George Branca, who is now Chairman of Load Rite after serving as the company’s CEO for five years and Ken Jones who remains on the company’s Board after serving on the Board since 2000.
Penguin Industries CEO Bob McNeil said that “his prime motivation for selling the company to the management team was his strong desire to see the company thrive under its current management team and its dedicated employee base.”
Asked for comment, Tom Morrison said, “Our customers can expect the same high quality products and services that this team has been providing for 30 years. Load Rite is seeing a strong start to the 2012 season and we hope our dealers are seeing the same.”
Penguin Industries has invested in many manufacturing companies in the last 25 years. Their investment in Load Rite Trailers in 1998 was their last manufacturing investment. Penguin has changed their focus to predominately real estate investments.
Load Rite Trailers is one of the largest Boat Trailer Manufacturers in the United States. They have been in operation for more than 30 years. In 2010 they received an award for the largest market share increase in their industry.