GREENVILLE, SC -- McLaughlin Group Inc. announced that Vermeer Corporation, along with Jeff Wage -- a veteran professional of the underground construction industry -- has made a minority equity investment in the company.
Dave Gasmovic, president of McLaughlin, is the primary shareholder and will continue to lead operations. Wage joins McLaughlin as vice president and an equity partner, while the minority equity investment by Vermeer provides a deeper strategic relationship with McLaughlin.
"The Vermeer investment in our company is a strategic business partnership that positions both for further success," said Gasmovic. "Our current partners and customers will not be affected by this change and can count on the consistent support they’ve come to expect with McLaughlin."
"Vermeer has had a long-standing relationship with McLaughlin by representing its vacuum products and utilizing McLaughlin as an OEM supplier on components for our underground products, most recently with the new Vermeer piercing tool line," said Dave Wisniewski, vice president of the underground segment for Vermeer Corporation. "The purpose of this investment is to secure a competitive position in the market."
This new ownership arrangement will not affect the current branding or distribution of McLaughlin products, including vacuum excavation systems, auger boring systems, locators and attachments.