Versalift East Corporate News
The Sterling Group Completes the Acquisition of Time Manufacturing Company
HOUSTON, TEXAS (February 6, 2017) – The Sterling Group, a middle market private equity firm based in Houston, Texas, today announced that it acquired Time Manufacturing Company (“Time”) from O’Flaherty Holdings Limited.
Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. Time has pioneered several brands within the aerial lift market, including the market leading Versalift brand. The business had been owned by the O’Flaherty family for over 40 years.
“Sterling is the right partner for Time as we continue to pursue the significant growth opportunities that exist for the company today,” said Charles Wiley, CEO of Time. “The Time team is excited to partner with Sterling, and together we expect continued success in this next phase of our company’s history.”
“The team at Time has built the company into an industry leader that provides outstanding products and services to its customers, and we look forward to further supporting their future growth,” said Kent Wallace, a Partner at The Sterling Group. Sterling has a long history of partnering with management teams of family- and entrepreneur-owned businesses in the industrial sector.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of over 50 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $2.2 billion of assets under management. For further information, please visit www.sterling-group.com.
Versalift East, LLC Management Team Strengthened
Mr. Joel Steirer takes the General Manager Reins
January 1, 2017
Versalift East LLC is proud to announce the promotion of Mr. Joel Steirer to the office of General Manager. The addition of Mr. Steirer to the Versalift East LLC management team will strengthen the company’s attention to customer service and product quality.
Please join us in welcoming Mr. Steirer to the Versalift East LLC Management Team!
Keith W. Joseph
Versalift East, LLC
Versalift East is pleased to announce that we have
We are now a Full Line Reading Distributor. This includes their line of Steel and Aluminum Service and Custom Line Bodies, Dump Bodies and Hoists, Stake Contractor and Landscape Bodies, Crane Bodies, Dry Freight and Citi-Van Bodies and Products for Pickup Trucks including Caps, Toolboxes and Ladder Racks. We also have ready access to all the nationwide inventory of Reading's Bailment Pools which can provide fast work truck service.
Electric lift vehicles produced in Denmark
Denmark is in the lead where production of electric powered lift vehicles is concerned. While people in other parts of the world are still in the process of developing equivalent products and are currently settling for a combination of electric lift and diesel motor (hybrid), TIME in Farsø, Denmark is already producing completely electric powered lift trucks and lift vans. On December 3, 2009, the first vehicles in Europe where both lift and chassis are electric powered rolled off the production lines and will soon be followed by an additional two. These will be delivered to customers in England and Scotland before the end of the year.
The Farsø-based company’s progress in this area can be attributed to the fact that they, in the course of the past year, have geared up research and development, hiring more engineers to finish designing the new “green” product series. The new series will be participating in the Bright Green fair at the Forum convention center in Copenhagen on December 12-13. Bright Green will be held in connection with the COP15 Climate Conference in Copenhagen.
Breakthrough for electric vehicles?
Even though lift vehicles are a niche market, there is hope that the launch of the first electric powered models can contribute to a breakthrough for electric power in industrial vehicles. Until now, the focus has been on passenger cars, without there actually being any significant production.
That lift trucks and lift vans, which are used by utilities and municipalities that need to reach higher, should be among the first all-electric industrial vehicles makes sense. One of the reasons is that they typically only service a small geographical area, which means that the 160 km range that the batteries give is sufficient. Another is that they drive mostly in urban areas, where the 100 % clean and CO2-neutral operation and practically silent motor is a big advantage.
At normal usage, about 10 percent of the power from the two large batteries is used to operate the lift, which only reduces the range to about 140-150 km.
Investment pays off in three to five years
Electric lift vehicles have a higher cost price than diesel. The lift costs
the same, but the electric vehicle itself is about three times as expensive as a diesel. On the other hand, the “fuel economy” is much better and since there are practically no wear parts in an electric motor, there is less maintenance. Altogether, this means that the extra investment in the electric vehicle will pay off in between three and five years, after which the owner will be saving money. And the extra bonus: zero emissions!
We’re used to things at Versalift East going green on St. Patrick’s Day; but this year we have added Green hydraulic oil! Versalift East, LLC is pleased to announceour factory standardization on 100% Readily Biodegradable Hydraulic Oil – Evergreen 22. Evergreen 22 has been extensively tested and proven in Versalift aerial equipment (and many other types of specialized hydraulic equipment). This environmentally friendly hydraulic oil allows the user to avoid the damage and costs associated with a petroleum based spill. Evergreen 22 also outperforms all of the major petroleum based products, even in the worst conditions. The most unique feature is that Evergreen 22 can be mixed with an equivalent petroleum product without causing any damage to hydraulic equipment – that means…zero damage from mixing mistakes in the field.
Evergreen 22 is available through Versalift East’s parts department at 888-866-1400.
Go Green with Versalift East!
Holland Team in Victory Lane!
Congratulations to Kurt for his runner-up victory at Maplegrove in Reading in his ’79 Camaro. Kurt’s been racing since 1998. His Dad introduced him to the sport. Kurt says it “started part-time and turned obsession”.
Young Family Help Southern High School
Peter and Cherie Young with the East Hill Middle School band donated their old uniforms to JZ George High School in North Carrolton, Mississippi. The group packed up about 300 uniforms at VEI and Fed Ex donated the shipping costs.
Joe Soska Family visits VEI
Joe, Annemarie, Sarah, Lauren, and Alan
Joe and his wife and children visited VEI during his recent leave from Kuwait. We are very proud of Joe and thank him and his family for their sacrifices for our country.
Sokol Family in Memorial Day Parade
Dave Sr. and Dave Jr. continued the tradition of driving a truck from VEI in the Summit Hill Memorial Day Parade. They had a great time driving the parade route and throwing candy to the crowd.