Lincoln Industries Acquires Manufacturer SourceOne
SourceOne provides custom manufacturing, design services and tooling, powder coating and specialty machine-build services.
Nebraska-based Lincoln Industries has acquired SourceOne, which provides custom manufacturing, design services and tooling, powder coating and specialty machine-build services.
Founded in 1974 by Nick Cusick and Elmer Wessell, SourceOne sits adjacent to Lincoln Industries, one of the largest finishing operations in North America. It is Lincoln’ third acquisition in the past three years. The company bought DS Manufacturing in Pine Island, Minnesota, in 2015, and in May, it acquired Southwest Metal Finishing, based in New Berlin, Wisconsin, and its facilities in Texas and Mexico.
“The SourceOne acquisition expands Lincoln Industries capabilities and market reach, and will strengthen relationships with customers,” says Marc LeBaron, CEO and chairman. “The combination of our companies will drive substantial technological and operational synergies. While we provide more than 40 finishing processes and significant manufacturing capabilities, the ability to fabricate products, and the integrated cosmetic and high-temperature powder coating capabilities are important additions to our offerings.”
Lincoln Industries and SourceOne have a long working relationship that started more than 20 years ago.
“We know their people well and believe we share the same values,” LeBaron says. “As a supplier to us, we have always trusted SourceOne with some of our most critical work, and over the years SourceOne has developed many programs for us. Going forward, there are many opportunities to fabricate new products, especially for our rapidly growing aftermarket exhaust business for heavy-duty trucks.”
LeBaron expects machine building to help Lincoln Industries enter new markets and support existing customers in ways the company has not been able to in the past. He also believes the addition of powder coating will have a positive impact on business.
“Lincoln Industries is an outstanding company and has established itself as a leader within its industry,” Wessel says. “One of my biggest concerns with the acquisition was the well-being of our people at SourceOne. Knowing Lincoln Industries has acquired our company totally eliminates any of those concerns.”
LeBaron says the acquired company will continue to operate under the SourceOne name, and all 70 SourceOne employees will be retained.
Now in its 66th year, Lincoln Industries has seen significant growth in the past year, especially in serving the heavy-duty-truck market. The company has added 50 new employees and plans to hire 50 more before the end of the year. The company’s Minnesota facility has also added more than 30 new employees to meet its growth needs.