Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has acquired Rocore Holdings, Inc. (“Rocore”), a leading designer and manufacturer of heat exchangers and related equipment used to cool air, water, or oil for a variety of applications.
The Rocore acquisition represents the second acquisition for Keystone Capital during 2008, and was completed during a time when the broader financial markets are experiencing significant turmoil. “The acquisition of Rocore demonstrates Keystone Capital’s ability to close complex transactions with a high degree of certainty and speed to closing – especially given the broader economic and financial market environment,” said Scott Gwilliam, Managing Director of Keystone Capital.
Rocore’s products are sold to original equipment manufacturers and aftermarket users across a diverse range of industries, including heavy duty truck, power generation, industrial, rail, military, bus and construction equipment. The Company’s products consist primarily of radiators, heat exchangers, and cooling products made of copper, brass, and aluminum. Rocore is headquartered in Indianapolis, Indiana, with facilities in Franklin, WI, Paducah, KY, Burkesville, KY and Knoxville, TN. Rocore is led by President and CEO Stuart Eden, an industry veteran previously with Serck Services and Honeywell.
Terms of the transaction were not disclosed. Keystone Capital and Rocore are committed to the future growth of the Company, and are interested in discussing opportunities to acquire other manufacturers of heat exchanging products, as well as other niche industrial equipment manufacturers.