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gravy train is endin!

1K views 28 replies 16 participants last post by  tnat 
#1 ·
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/
 
#4 ·
$300 mil in revenue, how much profit? Why did they sell?
 
#7 ·
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
 
#8 ·
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.
 
#10 ·
http://www.nwherald.com/2012/11/06/sage-products-to-be-purchased-by-madison-dearborn/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!
 
#16 ·
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.
 
#17 ·
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.
 
#18 ·
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.
 
#19 · (Edited)
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.
 
#20 ·
They need help with the synergy. It's motivation for you to stay through it.
 
#22 ·
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.
 
#25 ·
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.
 
#26 ·
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. :)
 
#29 ·
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.
 
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