F. Ahern Co., Fond du Lac, WI, has reached an agreement in principal to purchase all of the assets of TEAM Industries, Inc., Kaukauna, WI. It is anticipated that this transaction will be completed in early 1997.
In a joint statement, John E. Ahern, chairman and ceo of J.F. Ahern Co., and Donald J. Murphy, president of TEAM Industries, Inc., said, “We are extremely excited about this impending transaction. Both firms complement each other in many ways and we are confident that both companies will benefit significantly from this transaction.”
Founded in 1880, J. F. Ahern is a mechanical and fire protection contracting firm with 500 employees and 1996 sales of $72 million. TEAM Industries is a pipe, plate and tank fabricator performing work in the petro chemical, food and beverage, pharmaceutical and pulp and paper industries. The company employs approximately 200 people and had 1996 sales of $29 million.