gravy train is endin! - Chicagoland Sportbikes
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post #1 of 29 (permalink) Old 11-06-2012, 04:48 PM Thread Starter
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gravy train is endin!

Just got a notice we got bought out by madison dearborn, anyone ever heard of them. we have been a family owned company for the the last 41 yrs did over $300 mil last year and they sold us to one of Romneys partners as it looks like Bain and madison are connected- im glad i voted for him!

http://www.mdcp.com/overview/

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post #2 of 29 (permalink) Old 11-06-2012, 04:50 PM
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post #3 of 29 (permalink) Old 11-06-2012, 04:54 PM Thread Starter
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Tell me if you're still glad a year from now.
Im not glad now!

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post #4 of 29 (permalink) Old 11-06-2012, 04:55 PM
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$300 mil in revenue, how much profit? Why did they sell?

"includes 10 used-car dealers or auto repair shops, 11 liquor stores and bars--two of which advertise lingerie fashion shows and a third billed as a "gentlemen's club"--three cut-rate motels and one trailer park. The squat, brick municipal building is next to a currency exchange and a few steps from an adult video store. The bars open at 10 a.m. and close at 6:30 a.m."

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post #5 of 29 (permalink) Old 11-06-2012, 04:58 PM
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That happens in many cases to raise $$$ to expand the business, which is a good thing...

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post #6 of 29 (permalink) Old 11-06-2012, 05:33 PM
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little known fact, but they own CDW - so not that bad
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post #7 of 29 (permalink) Old 11-06-2012, 05:33 PM
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Madison Dearborn is a VC Investment Firm - They will either pump money into your Co to grow it or break it up and sell it off

"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming WOW, what a RIDE !!"
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post #8 of 29 (permalink) Old 11-06-2012, 05:37 PM
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Quote:
Originally Posted by Bug View Post
Madison Dearborn is a VC Investment Firm - They will either pump money into your Co to grow it or break it up and sell it off
Yup! They were a spinoff from the company I work for. You really won't know what they do with you till they do it. It really depends on the situation.

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post #9 of 29 (permalink) Old 11-06-2012, 06:14 PM
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Madison Dearborn is a VC Investment Firm - They will either pump money into your Co to grow it or break it up and sell it off
Isn't hat the case with any takeover?
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post #10 of 29 (permalink) Old 11-06-2012, 06:21 PM Thread Starter
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http://www.nwherald.com/2012/11/06/s...rborn/aj1bqlo/

according to my boss they will keep everything intact for 5 yrs and then its open season - i knew something was up 4 months ago by the way they were dressing up everything they have stated 6 months ago they want to hit 500 mil and i figured the only way they could do it was by partnering up. im not too worried as whatever happens happens, im a mfg engineer right now but my background is a packaging machine tech and ive never had a hard time finding a good paying tech job and none of the other mfg engineers know all the equipment intimately or know how to even turn a wrench and i dont make over 80k a year so it should by me some time - it is a great comapny to work for as im coming on almost 11 yrs and havent killed myself- i think they sold cause the old man vince is almost 80, his son is a yr younger than me and they are worth alot of money real good Italian family, vince can go out on the floor and can still remember peoples names after only meeting them a few times hes a rare bird - great man and philanthropist. lots of Foglia buildings, ymcas named after him. god bless them as ive been fortunate to have been afforded the op to work there. so well see what happens. the big guy upstairs has a plan!

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post #11 of 29 (permalink) Old 11-06-2012, 06:21 PM
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Quote:
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Isn't hat the case with any takeover?
No - Some buy for an investment and let them operate as a wholly owned subsidiary of - Others buy to merge into their portfolio to fill a gap or expand a presence - Then there are the (2) I already mentioned - It all depends on what MDP wants to do and how they want to do it - They could fire the entire Mgt and Exec board and replace - They could fund the shit outta shit - Who knows

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post #12 of 29 (permalink) Old 11-06-2012, 07:06 PM
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Yes they'll keep you for 5 years in which time the investors want their money back, thus you get sold again or broke up.

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post #13 of 29 (permalink) Old 11-06-2012, 10:13 PM
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[url] the big guy upstairs has a plan!
Can you say cashing out?

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post #14 of 29 (permalink) Old 11-06-2012, 10:41 PM
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Not necessarily cashing out.....doesn't matter if you do 300 million in sales....takes really big cash to grow when you're in that big arena.

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post #15 of 29 (permalink) Old 11-06-2012, 10:55 PM
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i hate when family owned business sell or close up shop. Usually the kids don't want to run the business anymore
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post #16 of 29 (permalink) Old 11-07-2012, 01:03 AM Thread Starter
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Originally Posted by taledarkside View Post
i hate when family owned business sell or close up shop. Usually the kids don't want to run the business anymore
thats what is going on, the son is 46, his trust kicks in in 4 yrs and hes worth millions - i cant blame him - cool guy - has a fast ass foutain boat - twin 850 horse motors 100mph fuckin boat - nuttin like hittin 90 on lake michigan - it sacared the shit outta me.

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post #17 of 29 (permalink) Old 11-07-2012, 09:44 AM
pfft.
 
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We got bought by a scary creepy private equity firm that pretty much owns DC and when I first heard I wanted to run and hide, but honestly we were doing well and so we didn't see much change as a result of the buy. In fact, they got us new flavors for our Flavia machine and brought back the Mini Moos. It's high times over here.
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post #18 of 29 (permalink) Old 11-07-2012, 11:09 AM Thread Starter
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We just had our meeting, looks like we should be ok for a few years all these guys want to do is grow our business and they will keep the same leadership and executive staff till at least 2016 so well see what happens. the name stays the same the old man will still be Chairman of the board.

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post #19 of 29 (permalink) Old 12-14-2012, 07:27 PM Thread Starter
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Our company just got bought out and the deal just completed on Wednesday, they are giving us a bonus of 2% of our base salary and multiply it by the number of years there so im looking at 22% of my annual salary so im looking at 11years, they will pay us 1/2 next week and the other half in Dec 2013. Why would they hold off paying us all of it now? also if your gone by next december you wont get the rest. Do you know why they would do this?

I also heard they are going to buy the old timers out that are near retirement - 1-3 yrs before retirement age. looks like the shit is starting - they are telling everyone that executive staff will stay the same till at least 2016 then its open season.

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Last edited by tnat; 12-14-2012 at 07:29 PM.
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post #20 of 29 (permalink) Old 12-14-2012, 07:30 PM
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post #21 of 29 (permalink) Old 12-14-2012, 07:34 PM
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standard practive - retention policy to make sure you don't jump the train based on pure emotions and turbulence of first months after take over. - something to make you wait, so you can get used to new system and give it a chance
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post #22 of 29 (permalink) Old 12-14-2012, 07:39 PM Thread Starter
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standard practive - retention policy to make sure you don't jump the train based on pure emotions and turbulence of first months after take over. - something to make you wait, so you can get used to new system and give it a chance
Thanks guys, sheeit im not going anywhere if i have a choice - best company ive ever worked for + im the only MFG Engineer in my dept that knows all the machines inside and out.

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post #23 of 29 (permalink) Old 12-14-2012, 08:03 PM
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post #24 of 29 (permalink) Old 12-14-2012, 08:50 PM

 
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Quote:
Originally Posted by taledarkside View Post
i hate when family owned business sell or close up shop. Usually the kids don't want to run the business anymore
I'm facing this exact thing. 8 of us have almost 240yrs about 30yrs on avg .the boss is about 60trs old.What's next?

Gus
We offer three kinds of service @ Resurrection
GOOD - CHEAP - FAST
You can pick any two
GOOD service CHEAP won't be FAST
GOOD service FAST won't be CHEAP
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and cold beer.

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post #25 of 29 (permalink) Old 12-14-2012, 09:22 PM
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We were bought by Gores Group last week. Our division was split off from the larger Corporation.

No bonuses for us. They will go through and "blueprint" the operation before making any significant changes they say. So a 6-10 month status quo.

Craig
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post #26 of 29 (permalink) Old 12-15-2012, 07:28 AM
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I'll tell all y'all a little secret. This is pretty much the reason I'm not a Sys Analyst anymore and instead drive a semi. In short, company trimmed back to look good to potential buyers after mom and pop handed it over to daughter and son in law. Company was sold to giant euro company 2 years after I was gone. I was in IT for 35 years. Now I fly triples on the Turnpike for a big green and yellow company.

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post #27 of 29 (permalink) Old 12-20-2012, 03:33 PM
pfft.
 
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Quote:
Originally Posted by tnat View Post
Thanks guys, sheeit im not going anywhere if i have a choice - best company ive ever worked for + im the only MFG Engineer in my dept that knows all the machines inside and out.
Let me know when people leave and they have an opening. The Mr. is a mfg and design engineer and we are always looking to move back.
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post #28 of 29 (permalink) Old 12-22-2012, 06:11 PM
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What company is this?
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post #29 of 29 (permalink) Old 12-24-2012, 01:35 PM Thread Starter
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I'll tell all y'all a little secret. This is pretty much the reason I'm not a Sys Analyst anymore and instead drive a semi. In short, company trimmed back to look good to potential buyers after mom and pop handed it over to daughter and son in law. Company was sold to giant euro company 2 years after I was gone. I was in IT for 35 years. Now I fly triples on the Turnpike for a big green and yellow company.
Good deal man, i still maintain my CDL from 20 yrs ago when i was in college i drove a truck on 2nd shift - i can always get a driving job as i stil have connections - but i talked about this with my wife as i knew drivers back then that were semi ritered and would do over the road loads, chicago - la, chicago ny and would bring their wives and see the country when my kids are over 18.

DO YOU WANT TO BE A BETTER DIRT OR MX RIDER OR LEARN TO RIDE DIRT?


CLICK THE LINK!


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Wiping my last dump was like cleaning Laffy Taffy off a hot car dashboard.
Doug Stanhope



Thanks to my Sponsors - Gaerne, Protaper, ScottUSA, MSR, Motomaster Brake systems, Faction MX, Sunline, Dr D, EVS, DECAL WORKS.
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