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Rebound Enterprises Announces Sale of Motion Control Group
Submitted by Leah Rich on Thu, 03/13/2008 - 4:30pm
Rebound Enterprises a diversified company with holdings throughout southern Minnesota announced today the sale of Motion Control Group (MCG) to Pennsylvania-based AMETEK, Inc. AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices.
AMETEK’s Chairman and Chief Executive Officer Frank Hermance said, “MCG enjoys a strong reputation with its customers, has solid engineering capabilities and is an excellent strategic fit with our highly differentiated technical motor business.” MCG has annual sales of approximately $26 million. The purchase price was not disclosed.
MCG is a leading global manufacturer of highly customized motors and motion control solutions for the medical, life sciences, industrial automation, semiconductor and aviation markets. MCG is headquartered in Minneapolis with production facilities in New Ulm, Minnesota. Brett Reese, chief executive officer of Rebound Enterprises, acquired MCG in 1991 with his partners. The company, originally a publicly held corporation, was taken private by Reese and the partners. In 2005, Charles Mitchell, an MCG Board member, was named president and CEO and Brett Reese continued as chairman of the company. Subsequently, the company opened a Wholly Owned Foreign Entity (WOFE) in China and became a successful OEM supplier to semiconductor, medical and industrial multinational companies.
Reese said, “We are delighted with the sale of MCG. Not only did we negotiate a fair deal for all parties involved, but we found an organization committed to maintaining its operations here in Minnesota. AMETEK has very similar values to ours – integrity, collaboration and excellence in particular – and that was very important to us in the decision to divest the company.” Reese said Rebound plans to reinvest much of the capital from the sale in other ventures throughout the state.
Rebound and its management team will seek to acquire and assist companies with their growth or turnaround strategies throughout Minnesota where there is a synergy of philosophy and operations. Their current focus is in manufacturing, real estate, hospitality and financial services.