Diversified Industrials
Peninsula Iron Works Has Been Acquired by TerraSource Global
Published June 5, 2024
PORTLAND, OREGON – Meridian Capital (“Meridian”), a leading independent middle market investment bank and M&A advisory firm, is pleased to announce the acquisition of one of its clients, Peninsula Iron Works, (“PIW” or the “Company”) by TerraSource Global (“TSG”).
Peninsula Iron Works, based in Portland, OR, and founded in 1917, has over 100 years of experience in refurbishment, rebuilding, and parts manufacturing for capital equipment and large assemblies across the mining, metal products / fabrication, steel recycling / making, building products, and industrial equipment industries. Services include new builds from in-house or customer designs, value-add and refurbishments, maintenance, and repair on new or previously repaired work, and contracted services for manufacturing large and complex components.
TerraSource Global is a leading provider of comprehensive solutions for natural resource recycling, material handling, product classification, and liquid/solid separation under its esteemed brands Gundlach Crushers, Jeffrey Rader, Pennsylvania Crusher, and Elgin Separation Solutions. TSG is a subsidiary of Right Lane Industries, an industrial holding company with 10+ portfolio companies. This acquisition complements TerraSource Global’s industrial processing equipment and allows for unique integrations into more complete solutions for customers, as well as expanded aftermarket offerings for the aggregates, mining, and forest products industries.
Randy Moe, Managing Director at Meridian, stated “We are thrilled to have acted as advisors to PIW and the Johnson family and are excited about Peninsula Iron Works’ future as a part of TerraSource. It’s been a privilege to support James and Dave in this significant milestone, and to have helped to ensure a prosperous future for PIW’s remarkable legacy.”
James Johnson, President of Peninsula Iron Works, said “We are excited about joining forces with TerraSource Global. This partnership marks a new chapter for Peninsula Iron Works, and we are confident it will lead to continued growth and success. We are grateful for the support and expertise provided by Meridian in making this transition successful.”
Kevin Hambrice, CEO of TerraSource Global, said “Peninsula Iron Works has a long history of success providing high-quality, US-based manufacturing that complements TerraSource Global’s industrial processing equipment. PIW handles heavy fabrication, machine build, and rebuild work for steel mills, aggregate processing, sheet mills, lumber mills, aluminum plants, scrap yards, and more. With one of the largest machining part envelopes, PIW is able to offer unique solutions that other companies cannot. We look forward to working with PIW’s management team as we integrate our areas of expertise into more complete solutions for customers and expand our aftermarket offerings for the aggregates, mining, and forest products industries.”
Members of the transaction team:
Randy Moe
Managing Director
rmoe@meridianib.com
(206) 224-6155
Kendell Jensen
Associate
kjensen@meridianib.com
(425) 420-7270
Jack Titus
Analyst
jtitus@meridianib.com
(425) 765-7768
For more information, please contact:
Managing Director
About Meridian Capital
Meridian Capital LLC is a leading independent middle market M&A advisory firm with locations in Seattle, Salt Lake City, the Bay Area, and Portland. Meridian has served as a trusted advisor to business owners on complex corporate finance, M&A and strategic challenges for over 29 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of financial, transactional, and operational professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace defense & space, food, beverage & agribusiness, business services, consumer, diversified industrials, engineering & construction, building products, technology, and telecommunications. Meridian also offers clients unparalleled cross-border capabilities through its REACH M&A Partners network.
