December 12, 2014
Ferry Industries Inc., a leading rotational molding machinery manufacturer, has been purchased by Madison Industries, a Chicago-based holding company. Ferry also produces Femco band-saws for structural honeycomb and flexible foam as well as its Quintax CNC machining centers for plastics and non-ferrous metals.
Harry Covington, president and owner of Ferry Industries for the past 33 years, continues as president and an owner. Ferry is the first company in Madison’s newly formed Madison Industrial Solutions group. Madison intends to grow this group by adding complementary companies and products.
“From the day I purchased a machine from Harry some 20 years ago, I told him to call me when he is ready to have a partner. When Harry and I spoke a few months ago, I knew we had a very bright future ahead of us,” said Larry Gies, president and CEO of Madison Industries. “We are so pleased to have Ferry Industries join our growing family of companies,” he added. Madison specializes in buying branded leaders in partnership with management
“Ferry will continue to be an independent operating company managed by our existing team and remain in Stow, Ohio,” stated Covington. He added, “Our goal is for Ferry to continue to grow and prosper as we supply RotoSpeed rotational molding machines, Femco band-saws and Quintax CNC routers to companies around the world.”
“I have known some of the Madison people for years,” said Covington, “and I couldn’t be more pleased that they have partnered with us to be the foundational company of their Madison Industrial Solutions group. It is a fitting recognition of the expertise of our employees and the leadership we have shown in the industries we serve.”
About Madison Industries:
Madison Industries is one of the largest and most successful privately held companies in North America. Madison is led by world class CEOs, CFOs and entrepreneurs investing their own money to build market-leading businesses that deliver outstanding customer value. Founded in 1994, Madison builds businesses in order to own them forever; investing in the best people, technologies and strategies to grow truly unique market leaders. Madison builds companies for the long term, rolling up their sleeves to help management teams achieve their goals. Investing alongside management, Madison has created an entrepreneurial ‘safe haven’ where leaders can thrive!
Learn more at http://www.madison.net/ and http://www.ferryindustries.com.
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