Founders Advises American Firewear, Inc. on Strategic Sale
Founders Investment Banking, LLC is pleased to announce that American Firewear, Inc. has been acquired by Morning Pride Manufacturing, Inc., a division of Norcross Safety Products, L.L.C. Headquartered in Ohatchee, Alabama, American Firewear is a specialty manufacturer and valueadded reseller of high-quality, cost-efficient and innovative personal protective clothing and accessories designed for a variety of uses, including community firefighting, emergency response, and search/rescue applications. Its product lines include an industry leading offering of gloves, hoods, jumpsuits, gear bags and other related items.
Founders Investment Banking acted as the exclusive advisor to American Firewear’s shareholders, Ernie Paffumi and Bob Morgan, in the transaction. “When Ernie and Bob initially approached us, they knew they wanted to evaluate the strategic options available to personally diversify their wealth, but were uncertain how to accomplish this goal,” stated Duane Donner, Managing Director of Founders Investment Banking. “By listening to their needs, our team was able to structure a solution that best capitalized on our disciplined processes. We introduced the Company and its management team to numerous prospective financial and strategic partners, which ultimately produced a range of attractive options for Ernie and Bob to evaluate. The acquisition by Morning Pride was simply the best fit: it provided personal liquidity for Ernie and Bob, offered further upside in the business in a variety of forms, and created the ideal environment for their team to continue growing the business and their careers.”
American Firewear will become a division of the larger Morning Pride operation and will operate under the banner of the Total Fire Group, which is a leading developer, manufacturer and distributor of a broad range of protective clothing, equipment and allied products for first responders in a variety of emergency services fields. The facility in Ohatchee will remain open and is expected to expand its presence and capacity, with Morning Pride continuing to invest in the company and community. Mr. Paffumi, Mr. Morgan and the entire management team will remain and assume key roles in the larger entity.
About American Firewear
American Firewear is a specialty manufacturer and value-added reseller of high-quality, cost-efficient and innovative personal protective clothing and accessories designed for a variety of uses, including community firefighting, emergency response, urban search/rescue and other Homeland Security applications. The Company is an industry leading marketer and manufacturer of gloves, hoods, jumpsuits, gear bags and other related items.