MFG Partners (“MFG”), a New York-based private equity firm focused on investing in family, founder, and management-owned industrial companies, announced the sale of Elgen Manufacturing Company (“Elgen” or the “Company”) to Worthington Enterprises (NYSE: WOR).
Elgen, headquartered in Closter, NJ, engineers, designs, manufactures, and markets HVAC ductwork components used primarily in commercial construction and renovation. The Company’s products, largely made from galvanized steel, stainless steel, and aluminum, include damper hardware, flanges, corners, cleats, access doors, vanes, pipes and fittings.
Founded in 1950, Elgen partnered with MFG and Merit Capital in June 2019 to support its growth. Together, the Company successfully executed many of its goals, including geographical expansion through opening of new 3PL locations, launching residential and mechanical service lines, and introducing new product offerings to meet evolving customer needs.
David Young, Chief Executive Officer, Elgen, said, “This is a milestone in our rich history and one that we believe accelerates our ability to serve our customers and retain and attract a skilled workforce. I thank MFG and Merit Capital for their constant support over the last few years and look forward to continued growth of our company.”
“MFG is incredibly proud of what we’ve accomplished together with the Elgen team,” said Jonathan Schilowitz, Partner at MFG. “We want to extend our deepest gratitude to David and the entire management team for their unwavering dedication, leadership, and partnership over the course of our investment.”
Harris Williams acted as financial advisor and Goodwin Procter LLP acted as legal counsel to Elgen.
About MFG Partners
MFG Partners is a private equity firm that makes control investments in family, founder, and management-owned industrial, manufacturing, distribution, and business-to-business services companies in North America. The firm was founded in 2016 by Jeff Mizrahi and Jonathan Schilowitz and is headquartered in New York City.
More information about MFG can be found at https://mfgpartners.com/.
