Industry: Manufacturing; Truck Bodies
Date of Acquisition: November 1999
Location: Rugby, North Dakota
Rugby Manufacturing Company is a leading manufacturer of light and medium duty truck equipment. Hanover Partners acquired Rugy in 1999 when the company was doing approximately $13 million in revenue. Under our ownership, the company strengthened its management team and substantially expanded its manufacturing capacity allowing it to dramatically increase its market share. When Hanover sold Rugby its sales had grown to approximately $35 million.
In a highly successful exit for investors and management, Hanover sold Rugby in 2005 to a middle-market private equity firm.