A Winamac-based manufacturer is set to be acquired by a Swedish company. Hiab has announced that it’s reached an agreement to acquire Galfab.
Galfab manufactures roll-off hoists and related equipment. The company was founded by Don Galbreath in 1992, according to a Hiab press release, and now employs around 100 people at sites in Winamac; Phoenix, Arizona; and Houston, Texas.
Galfab is currently owned by its employees and Mosaic Capital Partners, LLC, while Hiab is part of the Cargotec Corporation. The acquisition is expected to close during the third quarter of 2021. Hiab says Galfab will be incorporated into the “Demountables, Forestry & Recycling Cranes division” of its U.S. sales and service network.
Galfab isn’t the first Winamac manufacturer to be acquired by a Swedish company. BraunAbility was acquired in 2015 by Patricia Industries, which is part of the Sweden-based firm Investor AB.
