Dove Equipment has entered into a definitive agreement to be acquired by ICAFe, Inc., a leading industrial finishing systems integrator. With this acquisition, the combined ICAFe / Dove becomes one of the largest distributors to the industrial finishing systems marketplace.
“Both organizations are recognized leaders in industrial finishing systems,” said Jeff Treske, President, ICAFe. “While each organization has its own strengths, together, we represent a larger, more financially stable organization with a greater ability to serve our customers more effectively. In addition, this acquisition will serve as a catalyst to drive growth and pursue future expansion.”
Based in Waukesha, Wisconsin, ICAFe has been serving the industrial finishing industry throughout Mid-Central United States for more than 60 years. The organization has grown steadily over the past few decades via organic growth as well as acquisitions.
Based in East Peoria, Illinois (with operations in Mexico) Dove Equipment has supported clients in the industrial finishing systems industry for more than 40 years. The company was previously employee-owned. Its primary North American service areas are Illinois, Iowa, Minnesota, Ohio and Wisconsin, Dove also serves nearly all of Mexico, with offices in Monterrey (headquarters of Dove Mexico) and Puebla (which serves Mexico City).
The acquisition was approved by participants of the Dove Employee Stock Ownership Plan (ESOP) members in July and the deal closed in early August.
“Our focus is and will continue to be on providing high-quality and cost-effective finishing solutions for our customers,” said Javier Salazar, President, Dove Equipment. “The acquisition of Dove by ICAFe will allow us to do that more effectively, and we’re excited about the opportunities this deal provides.”
Dove will remain in East Peoria and Mexico. Its various operations will retain the Dove name. ICAFe will remain in Waukesha.