Mirus Advises New Can Company, Inc. on Sale
Mirus Capital Advisors (Mirus) announced today that it has advised the owner of The New Can Company, Inc., a leading manufacturer of filtration components, in the sale of the company to Falls Stamping & Welding. The transaction created significant liquidity for New Can’s owner in connection with his retirement. Mirus served as the exclusive financial advisor to New Can and the selling stockholder.
New Can manufactures perforated tubes and stamped metal components used by OEM and aftermarket manufacturers in the production of oil filters, fuel filters and other filters for passenger cars, trucks, locomotives and heavy duty applications. Founded in 1902, New Can was instrumental in the invention and introduction of the spin-on oil filter in the 1940s. The selling stockholder owned the company for over two decades and expanded production from one facility to three. Today New Can’s plants in Massachusetts, Ohio and North Carolina manufacture over 300 million perforated tubes each year.
“I am very satisfied with the great job of the Mirus team, the abundant resources they deployed on our transaction, and their professionalism comparable or better than that of the top Wall Street investment bankers I had worked with,” said Ted Bustany, Newcan’s selling owner. “Mirus discovered the successful acquirer, came up with a creative financing structure, and were good at establishing good rapport with the buyer.”
Falls Stamping and Welding is a leading supplier of carbon, stainless, galvanized and aluminum stamped and fabricated parts and assemblies sold primarily to heavy duty truck manufacturers; its main product offerings are fuel tank straps. “The New Can acquisition expands our presence in the production of metal components for passenger cars and other markets, and we expect that our expertise in metal stampings will increase New Can’s product offerings to the filter manufacturers it serves,” said Falls Stamping’s CEO David Cesar. Regarding the transaction process, Cesar stated, “the Mirus team was very knowledgeable regarding New Can. They were exceptional intermediaries in assisting in negotiations with the seller to bring the transaction to a successful conclusion.”
About Mirus Capital Advisors
Successful business owners have turned to Mirus Capital Advisors for more than 30 years to help them realize their ultimate accomplishment – the sale of their business. As a mid-market investment bank focused on mergers and acquisitions, Mirus drives successful deals for companies in the industrial, consumer, business services, healthcare and technology industries. Mirus has proven time and again that its deep industry expertise, focus on relationships, thorough preparation and unwavering commitment to every deal lead to meaningful accomplishments for business owners. Our affiliate Mirus Securities, Inc. is a registered broker-dealer and FINRA member.
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