Cincinnati, OH – River Cities Capital Funds announced today that it has completed a $4 million investment in Galaxy Associates, Inc. (Galaxy), manufacturers of industrial chemical products and services to the general manufacturing industry, in cooperation with several private investors and Galaxy managers. Proceeds of the investment were used in the acquisition of Minneapolis, Minnesota-based Fremont Industries, Inc., General Industrial Division (Fremont).
“We are extremely pleased to be able to provide capital in support of this important acquisition by a Cincinnati-based company,” said Ted Robinson, Managing Director of River Cities Capital Funds.
While no current jobs are expected to be impacted by the acquisition agreement, it is anticipated the acquisition will create additional sales positions throughout the country. “This acquisition reinforces our continued growth and emergence as a major force in the general industrial marketplace, “said William Oeters, President of Galaxy. “Our customers can expect heightened service from an expanded national sales force that will penetrate more territories than ever before.”
“As the former owner of Texo Corporation, I am thrilled to be returning full-force to this exciting industry,” said Mel Fisher, Chairman of the Board of Galaxy. “Fremont Industries is a first-class organization that will greatly enhance our capacity to serve our customers in the general industrial (metal working and metal finishing product lines), automotive, transportation and pulp and paper industries. Across the board, they will experience even greater product, service and price efficiencies.”
Galaxy Associates, Inc. products will continue to be made at the manufacturing plant in Minneapolis. All business operations will remain unchanged.