GRYB International Finalizes the Acquisition of Two Harbors Machine Shop Inc. (THMS) and the SERCO Loaders Line

January 26, 2021

Victoriaville, QC, January 26th, 2021 - GRYB International, along with its financial partners, have completed the acquisition of 100% of the shares of Two Harbors Machine Shop, Inc. (THMS) and the SERCO Loaders Line from the Coolidge and Searson families. The final acquisition was made possible through a partnership with various financial institutions such as (in alphabetical order): BDC Capital, Export Development Canada (EDC), Fondaction, Investissement Québec (IQ), and National Bank of Canada (NBC).

 

About Two Harbor Machine Shop and SERCO Loaders

Established in 1968, Two Harbors Machine Shop Inc. is a modern, full-service fabrication and machining company. Located in the industrial park of Two Harbors, Minnesota, THMS operates from a 70,000 sq. ft. machining and fabrication facility as well as a 10,000 sq. ft. painting facility. In 1975, Harry Searson of H.J. Searson Ltd. in Eganville, ON bought 50% of THMS and became partners with Dave Coolidge. In 1977, THMS began manufacturing their own line of loaders and so, "SERCO," was born. Over the years, SERCO Loaders have been recognized as high quality and dependable machines, sold world-wide. Harry Searson passed away May 13th, 2020, before the company was sold, but Dan Searson, who worked with his father for close to fifty years, said, "I know I can speak for my father in saying that he and I both wish GRYB International the same success that we’ve have had." Dave Coolidge, Joel Coolidge, and Sheila Bjerklie, former owners of THMS added, “It has been a pleasure to work with the GRYB team and to see how keen they are to take over the business. With the same, shared values of respect, integrity, and dedication, the decision was easy to make and we wish them the best success possible.”

 

GRYB International Aiming for New Heights

Rémi Beaudoin, Luc D’Amours, Jason McNeil, and Jacquot Caron, GRYB International’s owners, are excited to move forward with the acquisition in hopes of capitalizing on its existing sales network in order to bring the SERCO Loaders brand to a new level. GRYB International intends to keep THMS and SERCO Loaders’ activities in Two Harbors, Minnesota and will continue to invest in their product and team for years to come. “We saw ourselves in THMS and SERCO Loaders. They share the same core values, so we see it as an honour to continue building their legacy. It will strengthen our presence in the United States with an increase in product offerings and additional support centers,” said Luc D’Amours. “SERCO will help us reinforce our position in the hydraulic attachments industry, serving the forestry, recycling, and railroad maintenance industries,” added Jason McNeil. GRYB International stated that they were thrilled to welcome a new talented group of people to the GRYB Family. “Growing the SERCO Loaders brand will be a main focus for us at GRYB and we look forward to working with past and future customers.” Added Rémi Beaudoin.

 

A Word of Thanks to Our Financial Partners

GRYB International is grateful to all of its partners in this new acquisition. BDC Capital, Export Development Canada (EDC), Fondaction, Investissement Québec (IQ), and National Bank of Canada (NBC) all helped us tremendously with capital, but most importantly with their experience and coaching. 

 

This is the third acquisition for GRYB since 2019. “We are in the presence of an ambitious management team that has demonstrated its agility and its ability to rapidly consolidate well-identified businesses in Ontario and the United States,” stated Éric Girard, Director, Growth and Business Transfer Capital, Center-du-Québec, BDC Capital. It is by combining and leveraging the strengths of each of these companies that GRYB has made giant strides and now occupies a more prominent place in the North American heavy equipment market. The GRYB team has a clear international vision and we are very proud to support it as a strategic partner in its growth since its inception." 

 

“EDC is happy to partner with GRYB International as they finalize their second acquisition in 12 months,” said Dan Mancuso, Senior Vice-President, Financing and Investments at EDC. “GRYB International is a fast-growing Canadian company and we’re pleased to be a financial partner, as they expand into the U.S. market and continue their growth.”

 

Dominique Chaussé, Deputy Head of Investment, Major Accounts, at Fondaction added, “Fondaction is enthusiastic about this new acquisition for GRYB, which advantageously complements its range of products, strengthens the group's synergy as well as its presence in the U.S.A.. The company’s demonstrated ability to integrate new teams and transmit a culture of innovation, including GHG reduction measures, is driving change in the heavy equipment industry.”

 

“We are pleased to have helped bring about this major acquisition for GRYB. This transaction will enable the company to expand its services and open up new markets in North America,” said Guy LeBlanc, President and CEO of Investissement Québec. “When manufacturers work hard to ramp up their growth, production capacity, and competitiveness, our team has to be there to help meet their needs, whatever they may be.” 

 

"National Bank is proud to support GRYB in this acquisition. The company is powered by a dynamic team and we’re delighted to have been by its side since the very beginning. GRYB is experiencing tremendous growth and has become a leading Quebec manufacturer of attachments for heavy machinery. This new step will allow the company to further penetrate the U.S. market and better meet the needs of its customers,” said Martin Proulx, Vice-President of Commercial Banking for the Montérégie, Eastern Townships, Central Quebec and Mauricie regions at National Bank of Canada. 

 

BDC Capital https://www.bdc.ca/en/bdc-capital

Export Development Canada (EDC) https://www.edc.ca/

Fondaction https://www.fondaction.com/

Investissement Québec (IQ) https://www.investquebec.com/quebec/en/

National Bank of Canada (NBC) https://www.nbc.ca/

 

About GRYB International

GRYB International derives from GRYB Attachments, which was founded in 2007 and continues to grow rapidly with the acquisitions of Bateman Manufacturing in Ontario, Winkle Industries in Ohio, and recently, ShearEx in Quebec. GRYB International is a group of manufacturing companies that develop, design, and manufacture products for a wide range of industries (e.g. forestry, port, railway, recycling, and demolition). Today, GRYB International, with its headquarters in Victoriaville, QC, Canada, employs over 400 individuals. 

 

GRYB www.gryb.ca (Attachments for heavy equipment)

Bateman www.batemanmanufacturing.com (Grapples for heavy equipment)

Winkle www.winkleindustries.com (Magnetic and lifting equipment)

ShearEx www.shearex.ca (Demolition, forestry, and forestry mulching attachments)

Serco Loaders www.sercoloaders.com/wordpress/ (Material handlers and industrial loaders)



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