Equity group invests in Eastway911 fire trucks
By Maria Church
Dec. 23, 2014 – A Canadian fire truck manufacturer says it wants to create more jobs following the announcement of a private-equity group investment.
Carleton Place, Ont.-based Eastway911 Emergency Vehicles announced last week that Gibraltar Foundation, an international private-equity group, has invested an undisclosed amount in its company.
“We are looking to hire several key people to lead our manufacturing as well as our sales organization and in general management,” Neil Greene, president of Eastway911, said in a phone interview Tuesday.
Greene was introduced to Gibraltar Foundation through the Young Presidents’ Organization, a global network of young chief executives. Eastway911, which was self-funded up until that point, was looking for outside capital and took on an equity partner in lieu of a traditional bank loan, Greene said.
The investment in Eastway911 represents Gibraltar Foundation’s “initial entry into the fire and emergency vehicle industry,” Michael Cappy, managing director for Gibraltar, said in a press release.
While private-equity investment is unusual in small- and medium-sized businesses, Greene said the foundation saw high-growth potential in his company.
“They liked the product, they liked people, and they liked the industry,” he said.