Houlihan Lokey is pleased to announce that GAL Manufacturing Corp., GAL Canada Elevator Products Corp., Hollister-Whitney Elevator Corp., and affiliated entities (collectively, GAL) has received a majority equity investment from Golden Gate Capital. The transaction closed on June 26, 2017.
Headquartered in the Bronx, New York, with additional facilities in Quincy, Illinois, and Mississauga, Ontario, GAL is a leading North American designer, manufacturer, and distributor of elevator components, controls, software, and safety systems. The company supplies nearly every electromechanical component used on elevator systems to customers ranging from independent elevator contractors to leading elevator OEMs. Founded in 1927 by Herbert Glaser, GAL is currently managed by his sons, Herbert Glaser Jr. and Walter Glaser, together with third-generation family members Paul Seifried, Sonny Glaser, and Brian Glaser. GAL will remain in its present manufacturing locations, and the Glaser family will continue to maintain a minority ownership position in the company.
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The Principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Tronair, Cole-Parmer, Phillips-Medisize, ANGUS, Springs Window Fashions, Humanetics Innovative Solutions, EP Minerals, and U.S. Silica.
Herbert Glaser Jr. and Walter Glaser commented, "We are deeply proud of what we and our fellow employees at GAL have built over our long history. As we explored the idea of finding a partner to support the next phase of the company's growth, our objective was to find a patient, stable investor with a long-term outlook, significant operational expertise, and an outstanding track record of helping management teams and businesses thrive. Golden Gate Capital's focus on building businesses over a long time horizon makes them an ideal partner to support GAL for many years to come."