EARTH CITY, Mo. (Sept. 9, 2013) – Process Controls International d.b.a. Automation Service has been acquired by FTL Capital LLC on Aug. 16, 2013.
“We are excited to have a local ownership group that is familiar with our business and eager to take our company to the next level,” said Stan Carr, newly promoted Executive Vice President and General Manager of Automation Service. Mr. Carr has been an important part of the success at Automation Service over the last decade, most recently as the Corporate Director of Sales, and will play a pivotal role in leading Automation Service’s further expansion and growth.
“We are pleased to have completed the purchase of Automation Service on August 16, 2013, one week following the bankruptcy of Process Controls International, Inc. which owned the assets of Automation Service”, said Paul D. Melnuk, Managing Principal of FTL Capital and the new Chairman of Automation Service. “Automation Service has decades of success providing great value to its customers, an outstanding management team and significant opportunities for growth”, Melnuk continued. “With the purchase clearing the cloud of uncertainty over the company, we are excited to help drive the company to realize its full potential and have appointed Wesley Rarick, Senior Associate at FTL, who worked very closely with Automation Service management prior to the purchase as Chief Executive Officer to help the management team accomplish this”, he concluded.
“Automation Service’s business is healthy and has an incredibly dedicated employee group who share similar values to those of FTL,” said Mr. Rarick. “We are excited about the future and have been grateful for the outstanding effort that the employees have made to ensure the most seamless transition possible under the circumstances,” he added.
Automation Service is financially strong and on track for significant future growth in all aspects of the business. The company has doubled in size since 2005 and has successfully grown year over year during some of the hardest times the industry has experienced in the recent years. The future is bright for Automation Service.
Automation Service was founded in 1956, and has grown to be recognized for high-quality remanufactured process controls.
FTL Capital was formed in 2001 by the managing principals Thomas Hillman and Paul D. Melnuk. The St. Louis based private firm focuses on the growth of people, portfolio companies and returns through active proven leadership and engagement.