MONROE, Conn. (Sept. 16, 2014) – Stancor Inc. has announced that the company’s president, Alan Tenney, has decided to retire, starting an orderly leadership transition during the next 12 months. Tenney’s decision to retire will bring to a close a remarkable career of nearly 30 years of continuous service to the company.
During this transition time, Stancor has partnered with Knox Capital Holdings, LLC, a private investment firm that invests in middle-market founder- and family-owned companies, to provide the capital resources and the management plan needed to reach a new plateau of long-term, sustainable growth, as well as a retirement plan for the two additional founders, Richard Gurega and Richard Mellinger. In support of the transaction, Longview Asset Management and Bratenahl Capital invested alongside Knox Capital.
Stancor's marketing, engineering and manufacturing functions will continue to be run from the company's headquarters in Monroe, Connecticut. All sales and support personnel will remain with the company and continue to service customers and vendors.
“Alan Tenney, Richard Gurega and Richard Mellinger have provided a strong leadership at Stancor, and we are looking forward to working with the management team to grow the existing business worldwide and to continually bring new and innovative products to this industry,” said Alex Gregor, founder and principal at Knox Capital. “Despite the leadership transition, customers can expect the same great products and customer service from Stancor.”
Knox Capital will also conduct the process to choose Tenney’s successor and will consider internal and external candidates for the job.
“It has been a privilege to lead this great company for the past 30 years,” Tenney said. “I strongly believe that the investment by Knox Capital will bring operational, engineering and marketing resources to Stancor and advance the company to the next level in terms of product development and market reach.”
Stancor Inc. is a designer and manufacturer of electric submersible pumps, controls and related replacement parts and accessories for critical heavy industrial applications in the mining, utility, commercial construction and wastewater industries.