Investment group acquires Xycom

Factory-floor automation manufacturer Xycom Inc. was acquired and recapitalized March 24 by an investment group of factory automation specialists and business development experts. Details of the transaction weren't disclosed.The new entity, Xycom Holdings Inc., was formed by three principals: current Xycom chair Erwin Ziegelman; James McGrath, another Xycom director;...

04/01/1998


Factory-floor automation manufacturer Xycom Inc. was acquired and recapitalized March 24 by an investment group of factory automation specialists and business development experts. Details of the transaction weren't disclosed.

The new entity, Xycom Holdings Inc., was formed by three principals: current Xycom chair Erwin Ziegelman; James McGrath, another Xycom director; and investment banking firm Cruttenden Roth Inc. (Irvine, Calif.). The group also includes Paul White, former ceo of Modicon Inc., Jose Dedeurwaerder, former ceo and president of Modern Engineering, and Kevin Kimberlin, chair and controlling shareholder of Spencer Trask & Co.

Xycom Holdings also appointed a new board of directors, including Thomas Gross, the new company's president and ceo, Mr. Ziegelman, Mr. McGrath, Mr. White, Mr. Dedeurwaerder, Michael Doherty of Cruttenden Roth, and Allan Ziegelman. Mr. McGrath was also elected board chair.

"This experienced and knowledgeable group provides us with significant added financial resources, and a group of owners and board that understands factory-floor automation and is experienced in building dynamic high-growth companies," says Mr. Gross. "Together they've started nearly 100 companies, and acquired over 500. Their expertise and guidance should help us enormously as we take Xycom to the next level of industry leadership in the open architecture segment of the changing factory-floor arena."





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