MRO Magazine

Major roller chain manufacturer gets new investor

Fulton, IL -- Drives LLC, a U.S. manufacturer of conveyor and power transmission roller chains, and auger products,...


Industry

June 12, 2008
By MRO Magazine

Fulton, IL — Drives LLC, a U.S. manufacturer of conveyor and power transmission roller chains, and auger products, has seen two major investors in the company sell their shares and it has aligned with a new major financing partner to further accelerate growth and to position itself for industry acquisitions.<br>
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Allan DenBesten, a founding family member, sold his interest in the company and announced his retirement effective May 29, 2008. Michael Landers, a retired executive from the company, also sold his ownership interest. <br>
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David J. Vogel, president & CEO, along with James F. Lamb, executive vice-president, will continue to hold ownership positions in the company and retain their ongoing leadership responsibilities.<br>
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Richard L. Scott has taken a majority ownership position in Drives LLC. Scott, founder and former chairman and CEO of Columbia/HCA Healthcare Corp., founded his firm, RLSI, in 1997 to invest in companies with management strength, stable cash flow, proprietary and superior products, demonstrated growth potential, and strong market share opportunities. <br>
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Scott has a track record of making long-term financial commitments to his portfolio companies, while supporting the creation of strong market share positions via strategic acquisitions. Drives LLC is positioned for continued market share growth as well as relevant industry acquisitions.<br>
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Drives president and CEO David Vogel commented that the company remains focused on value creation and enhancing opportunities for team members. “We are excited about the strong financial resources and backing from Rick Scott and are confident that his longer-term commitment and entrepreneurial style will enable Drives to be in the forefront of capitalizing on consolidation opportunities.”<br>
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Drives LLC is one of the largest and most productive chain manufacturing operations in the Americas, he said. The company holds major market positions in a number of industries, including food processing, material handling, mining and metals, energy drilling, unit packaging, agriculture, forest and lumber products, and paper processing. The company currently conducts business in 34 countries.<br>
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Drives LLC participates in the industrial marketplace under the name Drives Inc. For more information, visit www.drivesinc.com and www.richardlscottinvestments.com.<br>