Mosack Family regains control of Conbraco Industries with management buyout
A management team led by members of the company's founding family today regained control of Conbraco Industries Inc., the valve manufacturer headquartered in Matthews since 1955, after rebuying all shares held by Mueller Inc. President Glenn Mosack, Executive Vice President Cal Mosack and Vice President of Marketing Carole Mosack Lee completed a management buy-out of the company their grandfather founded in Detroit in 1928...
CHARLOTTE, NC -- A management team led by members of the company's founding family today regained control of Conbraco Industries Inc., the valve manufacturer headquartered in Matthews since 1955. President Glenn Mosack, Executive Vice President Cal Mosack and Vice President of Marketing Carole Mosack Lee completed a management buy-out of the company their grandfather founded in Detroit in 1928.
The Mosack family holds a majority of Conbraco stock after repurchasing all shares previously held by Mueller, Inc. and certain other shareholders not active in the operations of the company.
Glenn Mosack said that the company's sound financial condition made the management buy-out feasible without an equity partner. Conbraco's financial performance has improved steadily since 2001.
"We've made changes in the past five years that have made Conbraco a stronger company", Glenn Mosack said. "We've improved productivity and increased profitability. We've paid down our debt while at the same time investing $3 to $4 million a year in equipment and capital improvements. Our 'continuous improvement' philosophy has put us in the position of having the best delivery and fill rates in the industry. Now we're focused on growth, financially stable and family-owned again."
Mosack said that Conbraco's complete management team of industry veterans would stay intact, ensuring continuity in engineering, manufacturing and sales. The company will continue its core strategy of manufacturing most of its product offerings in the United States.
Mosack also said the company expects the return to family ownership to have a positive impact on sales. He thanked the company's customers, vendors and employees for their support in the past and throughout the ownership transition.
Conbraco Industries (www.conbraco.com) manufactures the Apollo® Valves brand of ball valves, pressure reducing valves, backflow preventers, safety relief valves, actuators and other flow control devices in ISO 9001-2000 registered facilities in Pageland and Conway, S.C. Headquarters is located in Matthews, N.C. Apollo Valves are used in residential, commercial and industrial applications including plumbing, heating, chemical processing, paper making, refining, pharmaceuticals and power generation.