BROOKSVILLE, Fla. (March 20, 2014) — Equipment Supply Co. (ESCO) has been sold to an unidentified investment firm looking to grow and promote ESCO globally.
ESCO makes and sells tire service equipment for the OTR, mining and heavy-duty trucking sectors and the automotive aftermarket.
After 29 years under its previous ownership, the Brooksville-based company said it is kicking off its 30th year by expanding distribution and its product offerings, “getting back to the basics that built ESCO.”
Christopher Manfre, marketing and advertising manager for ESCO, told Tire Business that “due to confidentiality and to protect the interests of the investment firm that purchased ESCO…we are unable to disclose the name of the investment firm.”
He added that as a privately owned company, ESCO does not wish to make information publicly available about the amount of the transaction.
ESCO said it is known in the marketplace for establishing and developing the hydraulic bead breaker market in the early 1980s.
“First and foremost, we want to assure all current and future customers that ESCO will remain ESCO. We only look to aid in growing and continuing to service our customers and build even stronger relationships,” said Jeff Jobe, CEO of ESCO.
“The fundamental practices that have built and sustained ESCO for 29 years revolved around progress and innovation in tire service equipment. We want to bring those traits to the forefront of our organization moving forward and support it with exceptional customer service.”
Due to confidentiality, Mr. Manfre said he could not provide the names of the investment firm’s officers and principals. However, he noted that ESCO will continue to be managed by Mr. Jobe “alongside the company’s preexisting management structure” and “all of the employees and previous management positions were retained in the transaction.” ESCO has more than 20 employees, Mr. Manfre added.
According to his LinkedIn page, Mr. Jobe previously worked for Myers Industries Inc., joining ESCO in January 2010.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|