IPEG sells Rapid Granulator to Swedish firm
Size reduction equipment maker Rapid Granulator has new ownership.
Cranberry Township, Pa.-based IPEG Inc., which owns the Rapid Granulator group of companies, has sold them to Lifco AB, a diversified public company headquartered in Enköping, Sweden.
The terms of the deal have not been disclosed.
Rapid Granulator is based in Bredaryd, Sweden. Its North American operations are based in Cranberry Township. Except for CEO Kirk Winstead, who will take on new responsibilities within IPEG, all Rapid employees are expected to remain with the company, which will continue to operate under the Rapid brand name. Toni Reftman, the managing director of Eldan Recycling, a wholly owned Lifco subsidiary located in Faaborg, Denmark, will assume responsibility for the Rapid business.
Republic Machine, previously a division of Rapid Granulator, is now a subsidiary of IPEG, with all personnel continuing to be employed by IPEG.
Other IPEG companies – which include auxiliary equipment maker The Conair Group and process cooling solution provider Thermal Care – will not be impacted by the sale.
“Over the last five years, we have doubled the IPEG business through organic growth and acquisitions,” said IPEG CEO Chris Keller. “We are excited to invest the proceeds from the sale of Rapid Granulator into our other businesses and to pursue further acquisitions consistent with our strategy.”