OAK CREEK, Wis. - Paul Grunau, president of Grunau Co., has sold the company to APi Group Inc., a St. Paul, Minn.-based company now comprised of 29 independently managed specialty contractors.
The sale was effective March 31. Terms of the deal were not disclosed.
"While Grunau Co. is a financially robust company, I felt strongly that we eventually would need to align ourselves with a larger, more financially capable partner that can help us become an even stronger competitor in our local markets," said Grunau, who purchased the business from his family seven years ago.
With nearly $1 billion in sales, APi Group's business model is to maintain local management and company identity, while sharing corporate and human resources for companies.
"Grunau Company's strong cultural, industry knowledge and local relationships are important reasons why APi Group wanted us to join their family of companies," said Grunau. "As part of APi Group, our managers and employees can learn from 28 other best-in-class specialty contractors, helping us find new and better ways to add value in our relationships with our customers."
The APi Group provides services in specialty construction, distribution, fabrication/manufacturing, fire protection and low-voltage systems.
"We are excited about Grunau Co. becoming part of our family of specialty contractors," said Russell Becker, president and CEO of APi Group. "Paul and his talented team have built a strong, vibrant company."
There are no plans to change any of Grunau Co.'s operations in Milwaukee; Orlando, Fla.; Pittsburgh; Youngstown, Ohio; or Indianapolis as part of the sale, officials said.
Grunau Co. sold to Minn. firm
June 8, 2006