US Pioneer, a prominent manufacturer in the shipboard electrical components sector, has acquired Comsaco, another leading name in the same industry. Both companies are known for serving the shipbuilding industries and the Navy with high-quality electrical components and equipment.
This strategic acquisition follows US Pioneer’s expansion in 2021 to a new 80,000 sq ft facility. The acquisition of Comsaco is set to further accelerate US Pioneer’s growth trajectory. The company plans to invest in the combined entity, expand its team, and broaden its capabilities to better serve the evolving needs of their customers.
US Pioneer Comsaco Acquisition: ClearRidge Tulsa advised on the deal, as shown in the announcement tombstone.
ClearRidge, an investment banking firm based in Tulsa, Oklahoma, acted as the advisor to US Pioneer in this acquisition. The ClearRidge team oversaw the entire acquisition process, including due diligence, with Managing Directors of ClearRidge operating as registered representatives of M&A Securities Group, member FINRA/SiPC. ClearRidge, located in Tulsa, played a crucial role in facilitating this significant expansion for US Pioneer.
Comsaco will continue its operations from its existing location in Norfolk, Virginia, and will retain its name. The current leadership team of Comsaco, Eric and Adam Westhoff, will remain at the helm, ensuring operational continuity and stability.
Joseph P. Moran, III, President of US Pioneer, expressed enthusiasm about the acquisition, stating, “We look forward to working with the Westhoffs and the Comsaco team, capitalizing on the combined strengths of our two companies. This deal just makes a ton of sense. We are in the same industry making similar products and there are innumerable ways this consolidation benefits our customers. With our first-class management team and this new acquisition, we have bold ambitions to continue on this growth trajectory.”
Echoing this positive sentiment, Eric and Adam Westhoff, co-Presidents of Comsaco, remarked, “We are excited to build upon our family’s legacy, grow our operations in Norfolk, Virginia, continue working under the Comsaco name, and be part of a larger organization. Customers have welcomed the news and we look forward to a strong future together.”
The merged companies will remain privately owned, with no external investors involved. The financial terms of the acquisition have not been disclosed.
About US Pioneer
US Pioneer is a leading supplier of shipboard electrical components for the U.S. Navy and the naval shipbuilding sector. With over 65 years of experience, US Pioneer is recognized for its expertise in designing and manufacturing a wide array of electrical equipment for naval vessels. Their product range includes switches, lighting fixtures (including LED), receptacles, junction boxes, terminal boxes, and loudspeakers. US Pioneer utilizes diverse materials such as steel, aluminum, titanium, brass, and plastics. Furthermore, their engineered products department caters to various other industries. US Pioneer also provides comprehensive machining and fabrication services, including CNC machining, welding, and coating.
For more information, please visit www.uspioneer.net.
About Comsaco
Comsaco’s journey began in 1977 as Compass Sales Company, transitioning to a full-scale manufacturer in 1986 to serve the naval shipbuilding and repair industry. Originally named Comsaco Marine Corp, the company relocated to Norfolk, VA in 1994 and became Comsaco, Inc. The company has been family-owned since its inception, with Eric and Adam Westhoff recently taking over leadership after the passing of their father, Walter W. Westhoff.
For more information, please visit www.comsaco.com.
About ClearRidge
Founded in 2008 by Matthew Bristow and Bruce Jones, ClearRidge is a prominent investment banking firm providing advisory services to business owners in the central U.S. Based in Tulsa, OK, ClearRidge has a strong track record in mergers and acquisitions, having advised on transactions exceeding $1 billion in value. ClearRidge operates from offices in Tulsa, Oklahoma City, OK, and Rogers, AR.
For more information, please visit www.clearridgecapital.com.
