Founding Family Retains Significant Ownership; Shankar Kiru Named Chief Executive Officer
New York – October 18, 2016 – Orangewood Partners (“Orangewood”), a private investment firm that invests in growth businesses and special situations, today announced that it has acquired a majority interest in George Industries LLC (“George Industries” or the “Company”), a leading designer and manufacturer of engineered components. The Company’s founding family, led by Mark and Dan Ciaravino, will retain a significant ownership stake. Seasoned industry executive, Shankar Kiru, has been named Chief Executive Officer, succeeding Mark Ciaravino, who will become a special advisor. Other members of the senior management team will remain with the Company. Terms of the transaction were not disclosed.
Founded in 1954 and headquartered in Endicott, New York, George Industries started as a machine and sheet metal fabrication shop and over the years expanded its capabilities to include vacuum and aluminum brazing. Today, the Company is a recognized leader in the design, development and manufacture of mission critical engineered components in the aerospace, defense, transportation and industrial end markets.
Mark Ciaravino, said, “We are thrilled that Orangewood recognizes George Industries’ significant, long-term growth potential and are excited to embark on the next phase of our evolution. We are also pleased that Shankar Kiru, a talented executive with deep industry experience and significant operational expertise, has agreed to lead the Company and drive our expansion plans forward. We are proud to be maintaining our operations in Endicott and remain committed to providing our employees with opportunities to grow their careers and delivering top-tier service and quality to all of our customers.”
Alan Goldfarb, Founder and Managing Partner of Orangewood, said, “George Industries has distinguished itself through an unwavering focus on quality and service to its many great customers and we are excited to partner with the George Industries family to help expand the business. We have great respect for the business and team the Ciaravino family has built over the past sixty years and fully intend to preserve the Company’s deep commitment to the Endicott community. Having worked closely with Shankar Kiru for more than a decade, I’m proud to have a proven leader with a stellar track record of success join George Industries as Chief Executive Officer.”
Shankar Kiru, Chief Executive Officer of George Industries said, “I could not be more delighted to build on the legacy of the Ciaravino family, and look forward to working with the George Industries team to establish a growth platform serving our world-class customers. We will continue to lead in innovation, while maintaining the highest standards of quality.”
Shankar Kiru has 25 years of manufacturing and leadership experience, including a strong focus in fabrication, machining and assembly operations for aerospace, defense and transportation sectors. He has a dual Masters in Manufacturing and Business from Kellogg, Northwestern University.
Fried, Frank, Harris, Shriver & Jacobson LLP and Honigman Miller Schwartz and Cohn LLP served as legal advisors and Jefferies LLC served as financial advisor to Orangewood Partners. Hinman, Howard & Kattell LLP served as legal advisor to George Industries.
About George Industries
George Industries is a recognized leader in the design, development and manufacture of mission critical engineered components for the aerospace, defense, transportation and industrial sectors. Core manufacturing capabilities include dip brazing, vacuum brazing, cnc machining, fabricating, welding, painting, artwork, photography, silk screening, laser cutting and mechanical assembly. George Industries was founded in 1954 and proudly remains headquartered in Endicott, NY. For more information, please visit www.georgeindustries.com.
About Orangewood Partners
Orangewood Partners (“Orangewood”) is a New York-based private investment firm that pursues equity and credit investments in both public and private companies. Orangewood takes a long-term approach and invests in companies with best-in-class management teams and sustainable growth characteristics. The firm seeks to partner with family-owned businesses to help provide them the additional capital, resources, and operational capabilities and expertise to generate long-term performance. Orangewood was founded in 2015 by Alan Goldfarb, former Managing Director of Special Situations at Senator Investment Group and former Principal at The Carlyle Group. For more information, please visit www.orangewoodpartners.com
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.