Latest news with #J&ECompanies
Yahoo
2 days ago
- Business
- Yahoo
Metal manufacturer to lay off nearly 150 in Lakeville, Shakopee, Plymouth
A Plymouth-based sheet metal fabricator and manufacturer of precision metal components will close all of its Minnesota facilities, including its Lakeville, Plymouth and Shakopee locations, laying off nearly 150 workers following failed efforts to put itself up for sale. J&E Companies will lay off 45 employees from its Lakeville site alone, including welders, machine operators, process engineers, plant managers, drivers and other job classifications. A letter to the Minnesota Department of Employment and Economic Development, dated June 2, indicated that the layoffs will take effect that same day 'due to financial difficulties and circumstances,' and that 'a potential sale of the business' had fallen through. The workers are non-unionized and do not have bumping rights, according to the company's letter, which is signed by a corporate adviser from Harney Partners. J&E Companies was founded more than 65 years ago and provided precision machining and fabrication services to the medical, aerospace, commercial and agricultural industries, according to its website. In 2022, it acquired R&B, a Wisconsin-based precision machining company with more than 100 employees. In all, the merged companies maintained six sites in Minnesota, Racine, Wis. and Reynosa, Mexico, with a combined total of 325 employees. A call to a company spokesperson was not immediately returned on Wednesday. Whitebridge Capital Partners announced Wednesday it is acquiring the major assets of R&B Grinding of Racine, which will be renamed RB Industrial Manufacturing LLC, 'in recognition of the full range of machining processes the company can provide from its 140,000 square foot facility,' reads a statement from Whitebridge, which specializes in distressed manufacturing companies. 'We're not involved in the Minnesota operations at all,' said Todd DiBenedetto, principal with Whitebridge Capital Partners, in a brief phone interview on Wednesday. He said the Mexican plant was still in operation, and 'we are looking at it. We may get involved with it in the future, but right this second, we're not.' Feds: Minneapolis, Dakota County search warrants stemmed from 900 lbs of meth found in Burnsville storage unit Eagan city administrator withdraws resignation, passes up ICMA role Community memorial set for William 'Ike' Eickholt, found dead last winter MN Legislature: Measure to divert transportation funds from counties dropped Charges filed in drive-by shooting outside Burnsville High School graduation
Yahoo
2 days ago
- Business
- Yahoo
Plymouth-based fabrication company to close all Minnesota locations
Plymouth-based fabrication company to close all Minnesota locations originally appeared on Bring Me The News. Approximately 145 workers are losing their jobs after Plymouth-based J & E Companies announced it is permanently shuttering all of its Minnesota locations. A WARN notice published by the Department of Employment and Economic Development's Rapid Response Team says the metal fabrication company closed its Plymouth, Shakopee and Lakeville locations on June 2. The closure led to the layoffs of 70 workers at the Plymouth location, including their CEO and Vice President of Finance, 30 employees at the Shakopee location, and 45 employees based in Lakeville. The laid-off workers were not a part of a union. The notice cites "financial difficulties and circumstances" as the reason behind the closures. J & E Companies also operates facilities in Wisconsin and Mexico. It's still unclear if these locations will be impacted. The precision machining, welding, and metal fabrication business served clients in a variety of fields, including those in the medical, aerospace, commercial, and agriculture industries, per its website. J & E Companies had been in business for more than six decades. Bring Me The News has reached out to the company for comment, but hasn't heard back as of Wednesday morning. This story was originally reported by Bring Me The News on Jun 11, 2025, where it first appeared.
Yahoo
2 days ago
- Business
- Yahoo
Whitebridge Capital Partners Acquires R&B Grinding in Racine, Wisconsin
Former division of J&E Companies to be Renamed CHICAGO, June 11, 2025 /PRNewswire/ -- Whitebridge Capital Partners, LLC today announced it is acquiring certain assets of R&B Grinding of Racine, Wisconsin, a 67-year-old manufacturer of machined components serving a variety of industrial customers including Fortune 500 OEMs. R&B was previously a division of J&E Companies. Whitebridge, Maynards Industries and Holland Industrial Group collaborated on the transactions and have a long-standing and shared history of successfully navigating complex transactions. The acquisition of R&B Grinding assets represents a collaborative solution to the challenges facing J&E Companies and underscores the firms' ability to provide thoughtful, value-driven outcomes in special situations. R&B Grinding will be renamed RB Industrial Manufacturing LLC, in recognition of the full range of machining processes the company can provide from its 140,000 square foot facility. "We are delighted to once again work with our colleagues Taso Sofikitis and Stephen Wolf at Maynards to restore approximately 100 jobs to Racine while rebuilding a strong and growing company," said Whitebridge partner Todd DiBenedetto. "With the renewed emphasis on domestic manufacturing and our background in revitalizing industrial businesses, we are confident that this will once again be a thriving business contributing to the local economy." Whitebridge partners DiBenedetto, Mark Heinze and Linda Budz have a strong history of taking distressed businesses to profitability by applying decades of hands-on experience. Maynards Industries is a global leader in transforming undervalued assets into profitable opportunities. For more than 120 years the company has transacted in 42 countries by providing capital, expertise and strong industry relationships. It recently acquired Wolf Industrial Advisors and appointed Stephen Wolf president of the industrial solutions group. Holland Industrial Group brings more than 40 years of expertise in industrial auctions, asset management, and real estate solutions. "We were able to align with Maynards to revitalize R&B and carve out a strong US-based business that can capitalize on the renewed national focus in American manufacturing," said Heinze. "We believe there is an opportunity to restore many manufacturing businesses that struggled due to the past emphasis on offshoring. That trend is now reversing and we are well-positioned to help companies reorganize." Whitebridge Capital provides both capital and hands-on management to distressed companies. "Our focus is on working directly with current ownership, current operators, current or new financiers by calling on highly creative deal structures to save US based manufacturing businesses," said Budz. Prior to forming Whitebridge, DiBenedetto was a co-founder and president of Big Shoulders Capital where he led numerous successful turnarounds for more than 15 years. Heinze specializes in organization restructuring through vendor consolidation, sales program re-design, recapitalization, cash management and manufacturing process improvements. He has worked as a business owner, operator, consultant and investor for more than 22 years to successfully guide companies through deep challenges to return them to profitable operations. Budz has more than 20 years of legal and financial experience. She has spent nearly 10 years in business development roles, sourcing opportunities through insolvency proceedings involving commercial and industrial manufacturing companies. Whitebridge Capital is an Illinois corporation based in Chicago. Company principals can be contacted at:Todd DiBenedetto: todd@ (312) 343-0747Mark Heinze: mark@ (773) 936-9612Linda Budz: linda@ (619) 316-8433 Maynards is based in Livonia, Michigan and the website is Contact: Tom Nicholson 212-203-2803 View original content to download multimedia: SOURCE Whitebridge Capital Partners
Yahoo
2 days ago
- Business
- Yahoo
Whitebridge Capital Partners Acquires R&B Grinding in Racine, Wisconsin
Former division of J&E Companies to be Renamed CHICAGO, June 11, 2025 /PRNewswire/ -- Whitebridge Capital Partners, LLC today announced it is acquiring certain assets of R&B Grinding of Racine, Wisconsin, a 67-year-old manufacturer of machined components serving a variety of industrial customers including Fortune 500 OEMs. R&B was previously a division of J&E Companies. Whitebridge, Maynards Industries and Holland Industrial Group collaborated on the transactions and have a long-standing and shared history of successfully navigating complex transactions. The acquisition of R&B Grinding assets represents a collaborative solution to the challenges facing J&E Companies and underscores the firms' ability to provide thoughtful, value-driven outcomes in special situations. R&B Grinding will be renamed RB Industrial Manufacturing LLC, in recognition of the full range of machining processes the company can provide from its 140,000 square foot facility. "We are delighted to once again work with our colleagues Taso Sofikitis and Stephen Wolf at Maynards to restore approximately 100 jobs to Racine while rebuilding a strong and growing company," said Whitebridge partner Todd DiBenedetto. "With the renewed emphasis on domestic manufacturing and our background in revitalizing industrial businesses, we are confident that this will once again be a thriving business contributing to the local economy." Whitebridge partners DiBenedetto, Mark Heinze and Linda Budz have a strong history of taking distressed businesses to profitability by applying decades of hands-on experience. Maynards Industries is a global leader in transforming undervalued assets into profitable opportunities. For more than 120 years the company has transacted in 42 countries by providing capital, expertise and strong industry relationships. It recently acquired Wolf Industrial Advisors and appointed Stephen Wolf president of the industrial solutions group. Holland Industrial Group brings more than 40 years of expertise in industrial auctions, asset management, and real estate solutions. "We were able to align with Maynards to revitalize R&B and carve out a strong US-based business that can capitalize on the renewed national focus in American manufacturing," said Heinze. "We believe there is an opportunity to restore many manufacturing businesses that struggled due to the past emphasis on offshoring. That trend is now reversing and we are well-positioned to help companies reorganize." Whitebridge Capital provides both capital and hands-on management to distressed companies. "Our focus is on working directly with current ownership, current operators, current or new financiers by calling on highly creative deal structures to save US based manufacturing businesses," said Budz. Prior to forming Whitebridge, DiBenedetto was a co-founder and president of Big Shoulders Capital where he led numerous successful turnarounds for more than 15 years. Heinze specializes in organization restructuring through vendor consolidation, sales program re-design, recapitalization, cash management and manufacturing process improvements. He has worked as a business owner, operator, consultant and investor for more than 22 years to successfully guide companies through deep challenges to return them to profitable operations. Budz has more than 20 years of legal and financial experience. She has spent nearly 10 years in business development roles, sourcing opportunities through insolvency proceedings involving commercial and industrial manufacturing companies. Whitebridge Capital is an Illinois corporation based in Chicago. Company principals can be contacted at:Todd DiBenedetto: todd@ (312) 343-0747Mark Heinze: mark@ (773) 936-9612Linda Budz: linda@ (619) 316-8433 Maynards is based in Livonia, Michigan and the website is Contact: Tom Nicholson 212-203-2803 View original content to download multimedia: SOURCE Whitebridge Capital Partners
