CLEVELAND — Weinberg Capital Group (WCG) announced the recapitalization of Elyria, Ohio-based exhaust hood manufacturer HoodMart Inc. The recapitalization was led by a group of private investors managed by WCG. HoodMart founder and chairman, Daniel B. Reaser Sr., will remain a shareholder and serve on the company’s board of directors.
Founded in 2000, HoodMart specializes in the design, manufacture, and sale of ventilation systems for the commercial cooking industry. In 2004, the company became a pioneer in the direct-to-end-user business model for commercial cooking exhaust hoods. Through its www.hoodmart.com website, the company markets directly to individual restaurateurs, small restaurant groups, HVAC installers, and smaller commercial kitchens such as those found in convenience stores and office cafeterias. As a factory direct seller, HoodMart said it is able to offer competitive prices as well as high quality standards, rapid lead times, and customized solutions.
“We are very pleased to be partnering with Mr. Reaser and his talented team,” said Ronald E. (Chip) Weinberg Jr., managing director and principal at WCG. “The company has a long track record of success and we intend to continue this tradition by investing in continued growth while maintaining its strong reputation for customer service. We look forward to augmenting the in-place team with our operating experience and relationships to make HoodMart an even more valuable partner to its customers and installer partners.”
Reaser said, “We are pleased with our new affiliation with WCG and the role they will play in our growth plans. With their experience and resources we anticipate a long-lasting partnership underscored by geographic and customer expansion, product innovation, and a continued focus on the highest levels of service. Importantly, from the perspective of our customers and installer partners, the transaction will be seamless as our entire team will remain in place as we look to enhance an already robust business.”
HoodMart will remain headquartered in Elyria, Ohio, a suburb of Cleveland. WCG also said it is actively seeking add-on acquisitions for HoodMart.
For more information, visit www.hoodmart.com.
Publication date: 4/21/2016