Harbor Industries in new hands
Oct 27, 2015 at 11:24 AM
The sale also includes the company’s manufacturing facility in Charlevoix.
Brown said the name of the new owner is confidential, but did disclose it is an established company with local and West Michigan ties.
“We can't disclose that,” Brown said when asked about the purchaser. “This is a private company transaction.”
Harbor Industries was founded in 1946 by Henry T. Parker at 1 S. Harbor Ave., the current site of the local Chamber of Commerce office in downtown Grand Haven.
“Harbor Industries, under the Parker family's ownership, was a huge community supporter,” Chamber of Commerce President Joy Gaasch said. “They were actively involved in supporting United Way, the Grand Haven Area Community Foundation and the chamber. It would be my hope that the new owner of Harbor Industries will carry on their long tradition of community support.”
Brown said he could not disclose the sales price, but the transaction was advantageous for both the buyer and seller.
“I think it was a great outcome for all parties,” he said. “The buyer is going to be able to grow this business significantly. For the sellers, it was a great outcome in terms of price.”
Brown also said the Parkers were pleased that jobs will be retained.
“One of the reasons they chose this purchaser is because of the West Michigan presence,” Brown said. “They're not going to move jobs. They'll keep manufacturing the same products for the same customers. Right now, they'll keep the same name. There's nothing that I know of in the works to change the name.”
Tim Parker, the most recent CEO and the third generation to run it, recently left the company.
“It was just time for the business to sell,” Brown said. “It was owned by the same family for a long time and it remained a profitable, growing business. They were just looking to move on.”
Brown said it was somewhat bittersweet for the Parkers.
“Like any founder, the ultimate day of closing is tough,” he said. “That's their baby. They love the business. The Parkers still love the business. That's why they went with the buyer they went with — the business is going to stay here with the same employees.”