Folience has acquired the assets of TravAlum, an aluminum trailer manufacturer based in Manhattan, Kansas, to increase capacity for its Cimarron Trailers company, the Cedar Rapids-based ESOP-owned holding company recently reported.
The asset acquisition will close TravAlum on March 30 and open the facility on March 31 as a Cimarron-branded location. TravAlum’s approximately 30 employees are welcome to consider new positions at Cimarron. New employees will join the approximately 500 other Folience employees in ESOP ownership. Ben Janssen, president of Cimarron Trailers in Chickasha, Okla., says the acquisition makes sense.
“Cimarron Trailers is blessed with growth from our dealers and customers,” Janssen said. “We’ve been looking for an opportunity to expand our production beyond our facility in Chickasha. The opportunity to employ skilled labor in a facility that is already manufacturing aluminum trailers is a win-win for both companies.”
TravAlum’s former COO Jeff Grieshaber agrees. He will become the new plant manager of the Cimarron, Kansas location.
“The trailer business has changed since our family started TravAlum by Liberty 31 years ago,” he said. “With the changes in technology, distribution, and supply chain, we looked for a partner we knew well, who matched our values, and with whom we would be stronger together. We want to build on what we have already created, keep our employees’ jobs local, and build a financially secure future for them.”
Folience is a 100% ESOP-owned holding company that invests in profitable businesses with strong management continuity.
“Folience’s business model is to find successful companies with good cultures that are looking to transition to employee-ownership,” said Folience CEO Daniel Goldstein. “ESOPs are inherently local, owned by the employees, and have a greater commitment to the local community. Employee-owned companies tend to have better working environments with greater employee engagement. This leads to increased safety, attention to health, increased productivity, longer tenure, and overall job satisfaction and pride.”
Keeping jobs in the community at a business with the growth potential of Cimarron Trailers is good for Kansas as well.
“It’s wonderful to see Cimarron Trailers choose Kansas as the place to expand its operations,” Kansas Lieutenant Governor and Department of Commerce Secretary David Toland said. “A company known for its evolution in manufacturing will be right at home in Kansas, where our spirit of innovation has driven our record-breaking surge in business investment.”