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Gates manufacturer acquired by Rhode Island firm
Gates manufacturer acquired by Rhode Island firm
Gates manufacturer Corrosion Products & Equipment Inc. has been purchased by a Rhode Island group of specialty distributorships.
INSCO Group has acquired CPE for an undisclosed sum. The acquisition includes CPE’s headquarters in Gates, which employs 18 people, as well as its subsidiary, Flowstar ULC located in Nova Scotia.
The Rochester employees will remain with the company, a spokeswoman for CPE said. Officials also noted that all vendor and customer relationships will remain intact, as well as the CPE brand.
“We are proud to continue our journey, which began 30 years ago, with the INSCO team,” said CPE chief strategy officer and former owner, Peter Tortorella. “This event begins an exciting new chapter for CPE and our employees, along with our vendor and customer partners.”
Tortorella’s brother, Rob, stepped down as company CEO a year ago in order to focus more time on his charity, Endless Highway. The charity provides support, services and equipment for participation in adaptive recreation and sports for children and young adults who have been affected by spinal cord injuries and physical disabilities.
CPE at the time tapped a 29-year veteran of the distribution and manufacturing industries to serve as the company’s new leader while it continued its growth initiatives—in the last decade, CPE had made half-a-dozen or more acquisitions of its own. Douglas Wade, who joined CPE from A.W. Chesterton Co., where he served as vice president and managing director of North America, will serve as president of INSCO Group as part of the transaction.
“Today marks the beginning of a new era for both INSCO and CPE, one that I am extremely excited to be a part of,” Wade said in a statement Monday. “Bringing these two companies together will provide numerous market expansion opportunities by strengthening our value proposition to our customer base while expanding our geographic footprint.”
CPE provides fluid handling products including mechanical seals, pumps and process equipment, environmental controls and more. INSCO represents process products for a number of industries including aerospace and defense, food processing, life sciences, medical and several others.
“CPE is the type of company that we want on our team,” said David Patterson, CEO of INSCO parent company Flow Control Group. “From the management group to the employees, this is a world class organization and one that we feel offers tremendous growth potential.”
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Follow Velvet Spicer on Twitter: @Velvet_Spicer
