Wayne Manufacturing Acquired by VC Firm

North River Capital LLC, a Fort Wayne, Indiana-based equity capital firm founded by the former owners of OmniSource Corp., has acquired the assets and business of Wayne Manufacturing Corp., LaOtto, Ind. The company will operate as Wayne Manufacturing, LLC.

Wayne Manufacturing is a manufacturer of axle component design and assembly market for the transportation industry.

As part of the transaction, all management and employees will maintain their current responsibilities, according to a news release announcing the transaction. Monty Dickerhoof and Ken Gnau will maintain their positions as president and vice-president, respectively. Additionally, Dickerhoof will serve on the new board of directors.

"We are excited about Wayne Manufacturing, and are looking forward to new opportunities in the industrial manufacturing sector," says Danny Rifkin, a principal of North River Capital. "We have been impressed with the company's performance through this cycle and credit excellent leadership and a dedicated team of outstanding people for this. We are confident that this culture will serve as a solid foundation for the company's next phase of growth."

North River Capital LLC, a privately-held equity capital firm, was founded last year by members of the Rifkin family and other former OmniSource executives. The Wayne Manufacturing acquisition marks North River's sixth transaction within its first year of operation.