Family-owned Troy Industrial Solutions was founded in 1862 in upstate New York. Since then, the company can attest to 150-plus years of maintenance, repair, and operations in the northeast region. The company has constantly expanded, both in area and services, over that century-and-a-half timeline, a progression that continued last week with the acquisition of Lane Conveyors and Drives of Brewer, Maine. In a press release announcing the acquisition, Lane’s Bob Taylor revealed that the move was initiated by Lane as part of its exploration of potential exit strategies.
For Troy, geographic influence was one incentive. It gives the company a stronger network in New England.
The acquisition merges two companies with rich histories and influence in the northeastern U.S. It echoes a similar move made by Troy in early 2014, when Ansonia, Connecticut motor repair shop B&J Electric Motor Repair was brought into the fold.
“We acquired B&J Electric Repair in January 2014, which expanded us into central and southern Connecticut market.” Troy General Manager Dave Barcomb said in an interview with EA. “The Lane acquisition gives us operation in Brewer, Maine, outside of Bangor, and Salem, NH, which is the north shore of the Boston market.” These add to an already solidified hold on the Hudson River Valley and Mohawk Valley areas, and stretching all the way into northern New Jersey.
This time around, 50 employees and $15 million in revenue are being added from Lane.
Barcomb said the acquisition “Also gives us the opportunity to manage the manufacture of some of the material handling equipment that we spec and supply to our current customer base.”
He emphasized that one of the key benefits is having “no overlap from the Lane market to the Troy market. We’re going to run the Lane operation as a separate entity…all the employees will stay on tack.”
It is clear that any changes are intended be progressive additions. This includes the hiring of a General Manager, Brian Snowden, a former Lane employee who is slated to be starting with Troy on November 9th. For the existing Lane markets to be absorbed, Troy has certain capabilities that Lane did not.
“Troy currently does field service work, especially clinical, predictive & preventative. Currently Lane does not do any of that, so over time we hope to bring those services up into that market area but it’s going to take us some time.” added Barcomb.
Troy provides parts and service for the aggregate & mining industries, as well as manufacturing, commercial/light industrial, facilities maintenance, power generation, construction, and municipalities. They also service, repair, and provide components for hydraulic cylinders, pumps, & motors.
Lane was founded in 1959 as an industrial distributor of supplies and power transmission equipment servicing the paper manufacturing and woodlands industry. Their gradual expansion included the manufacturing of material handling equipment such as conveyors, hoppers and specialty screw conveyors and the second operation in Salem, New Hampshire.
“We’ve probably got one or two more spots to fill geographically in New England,” said Barcomb, mentioning Central Mass. and Greenfield as prospective areas. “Both of the acquisitions, the B&J acquisition, as well as the Lane acquisition, have been owners that did not have succession plans…and came through mutual connections. I think a lot of the respect we have in the marketplace; they way we run the business at Troy, have made it an attractive transition.”
Troy Industrial’s corporate headquarters are in Watervliet, NY, which sits on the Hudson River just north of Albany. The company originated during the Civil War as a provider of leather belting and mill supplies for industrial machinery used in mills, mines and factories servicing the region. It will now employ 130 people and continue to service a wide range of industries including pharmaceuticals, food service, and paper & pulp production. They acquire all the assets and property of Lane, which includes the distribution operations at both locations as well as the material handing production facility and steel fabrication operation located in Brewer.