IES buys attachment firm
By Sandy Guthrie27 July 2012
International Equipment Solutions (IES) has acquired attachment manufacturer CWS Industries through an indirect, wholly-owned subsidiary - the fourth acquisition by IES since its formation in September 2011.
IES, which was formed as a platform for investments serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining and energy industries, did not disclose the financial terms of the transaction.
Products manufactured by CWS include grapples, buckets, cable reelers, tyre manipulators and various large excavator attachment products. The Canadian-based company employs 140 people at two facilities, located in Surrey, British Columbia, and Edmonton, Alberta.
IES' first two acquisitions were in September 2011, when the company acquired Paladin Brands Holding and Crenlo from Dover Corporation.
In November 2011, Stephen Andrews was appointed CEO of IES to lead the integration of the first two acquisitions and with a mission to grow and globalise the company. As part of its globalisation strategy, IES acquired Siac do Brasil, a manufacturer of cab enclosures in Brazil, in June 2012.
Mr Andrews said, "We are very impressed with CWS's rapid growth trajectory, customer base, engineering capabilities and broad portfolio of highly-engineered attachment products. This acquisition not only strategically enhances our footprint with dealers in Canada and the US Pacific Northwest, but also opens up IES to a growing base of sales relationships located internationally in South America, Russia and Asia.
"Additionally, the acquisition enhances IES' product portfolio to include a suite of attachments with applications in the high-growth mining, oil and gas, and forestry end-markets, which are currently underserved by IES," he said.