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    Default Has Ferrara been sold?

    I was told by a sales guy that Ferrara had been sold earlier this year. Does anyone know if this is true?

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    Default Yes - No ????

    Ferrara recapitalized in March of this year with a company called Merit Capital Partners. What percentage Merit owns and Chris still does who knows.

    From Merit web site;
    Ferrara Fire Apparatus, Inc. | ferrarafire.com

    Date of Investment: March 2009

    Date of Disposition: Active

    Ferrara Fire Apparatus, Inc., (“FFA"), headquartered in Holden, Louisiana, manufactures and sells fire apparatus in the United States and internationally. FFA manufactures over 300 fire trucks per year at its Louisiana facility and sells both directly and through a network of independently owned dealers. FFA was founded by Chris Ferrara in 1982 and has quickly grown to become one of the leading US manufacturers of fire apparatus, offering Pumpers, Aerials, Tankers and Rescue Vehicles.
    Merit provided subordinated debt and equity to finance a recapitalization with Chris Ferrara remaining as President and CEO.

    http://www.meritcapital.com/index.html

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    Default

    Quote Originally Posted by tomwnh View Post
    Ferrara recapitalized in March of this year with a company called Merit Capital Partners. What percentage Merit owns and Chris still does who knows.

    From Merit web site;
    Ferrara Fire Apparatus, Inc. | ferrarafire.com

    Date of Investment: March 2009

    Date of Disposition: Active

    Ferrara Fire Apparatus, Inc., (“FFA"), headquartered in Holden, Louisiana, manufactures and sells fire apparatus in the United States and internationally. FFA manufactures over 300 fire trucks per year at its Louisiana facility and sells both directly and through a network of independently owned dealers. FFA was founded by Chris Ferrara in 1982 and has quickly grown to become one of the leading US manufacturers of fire apparatus, offering Pumpers, Aerials, Tankers and Rescue Vehicles.
    Merit provided subordinated debt and equity to finance a recapitalization with Chris Ferrara remaining as President and CEO.

    http://www.meritcapital.com/index.html
    Now ask me about Jevic Transportation and capital partners. And maybe one or two others.

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    Quote Originally Posted by chiefengineer11 View Post
    Now ask me about Jevic Transportation and capital partners. And maybe one or two others.
    Who........?
    "Loyalty Above all Else. Except Honor."

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    Default Submitted by Bert McCutcheon, Operations Manager, Ferrara Fire Apparatus, Inc.

    Below is the Internal Memo from Chris Ferrara.




    INTERNAL MEMORANDUM


    DATE: September 10, 2009

    TO: All Ferrara Employee and Dealers

    FROM: Chris Ferrara, President/CEO

    RE: Financial Partner


    I would like to inform everyone about some recent decisions we’ve made to further the growth of Ferrara Fire Apparatus, Inc.

    In early 2009, after considering the accomplishments of our company and the future opportunities, I felt that to continue on our path of becoming a true leader in the fire apparatus industry it made sense to evaluate a financial partnership to enable growth. After looking at various options, we did move forward with a financial partner in March of 2009, and as you can see there has been no change or effect on the day to day operations of the company. The entire Senior Management team has remained in place, and no changes are planned in that regard. I am still substantially invested in the Company, remain President/CEO, and continue to run the company as I always have, being directly involved and overseeing both near-term and long-term decisions. I, along with our new financial partners, am committed to providing the same high quality product, service and loyalty that our employees and customers have enjoyed since Ferrara’s founding.

    We have many great opportunities ahead, and I look forward to our continued success together.

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    Default

    Now when are they going to put a dealer back in Canada?

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    Default Oh this just gets better and better....

    Hey, Mr. McCutcheon:

    Would you care to voice your opinion of Merit Capitol Partners as your new bosses, and also your opinion of their throwing Jevic Transportation, Inc. straight into the toilet?

    Pardon me if I sound bitter, because I am. Was a former employee there, before I became a career FF, still had many friends there when, on a Friday afternoon, they were told not to come in on Monday.....I don't want to speak for Chiefengineer11, but he had what...22, 24 years in there and (FORTUNATELY!!!) retired before Merit butt-f*cked all 2000 employees.....And their books weren't even that far into the red!

    I really hope Ferrara didn't sell them the majority of the stock, because if you did, you better not let the books get into the red, or else you will be told to bend over (on a friday) and not to "come in on Monday."
    Last edited by FWDbuff; 09-10-2009 at 07:25 PM.
    "Loyalty Above all Else. Except Honor."

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    Default Merit Capital was not affiliated with Jevic Transportation.

    It would appear from this article and several others that "Sun Capital Partners" owned Jevic Transportation.

    Sun Capital’s Jevic Files for Bankruptcy
    May 22, 2008, 6:40 am
    Sun Capital Partners‘ Jevic Holding is seeking bankruptcy protection, as a nationwide decline in freight volumes has led the trucking company to look for a permanent rest stop.
    The private-equity owned operator of Jevic Transportation filed for Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the District of Delaware in Wilmington with a plan to liquidate its assets.
    Jevic has arranged a $60 million debtor-in-possession financing package from pre-petition lender CIT Group/Business Credit Inc. to help fund the effort, which actually began before the company filed its petition when it ceased its business operations and laid off about 90 percent of its 1,500 employees.

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    Quote Originally Posted by ferraraops View Post
    It would appear from this article and several others that "Sun Capital Partners" owned Jevic Transportation.

    Sun Capital’s Jevic Files for Bankruptcy
    May 22, 2008, 6:40 am
    Sun Capital Partners‘ Jevic Holding is seeking bankruptcy protection, as a nationwide decline in freight volumes has led the trucking company to look for a permanent rest stop.
    The private-equity owned operator of Jevic Transportation filed for Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the District of Delaware in Wilmington with a plan to liquidate its assets.
    Jevic has arranged a $60 million debtor-in-possession financing package from pre-petition lender CIT Group/Business Credit Inc. to help fund the effort, which actually began before the company filed its petition when it ceased its business operations and laid off about 90 percent of its 1,500 employees.
    That's correct, it was Sun. Note in my post I did not name anyone specific, just that there was a "capital partner." They all have one objective, to make a buck. Nothing wrong with that. You put money in, you want it back plus. If that doesn't happen, you make changes. Some possible changes:
    Reduce the cost of producing the product or service.
    Throw people out and replace them.
    Plow the whole thing under.

    Sun Capital came in after I retired and moved my 401(k) to an IRA. The Jevic story begins long, long, long before Sun Capital. But they're the ones who ultimately plowed it under.

    This isn't meant to be a dissertation on Jevic or anyone else. It's just a comment on one caveat of going for outside money.

    OK, back to Ferrara.

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    I stand corrected. I thought it was indeed Merit that screwed Jevic. I just hope that Ferrara retained enough control to prevent Merit from shutting the doors one day and liquidating the company.

    BTW, has FDNY awarded the rearmount contract yet?? As far as I know it was still not awarded as of last week.
    "Loyalty Above all Else. Except Honor."

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    Wow..what would you think if you were any employee... guess management thinks a lot about them.. sold the company earlier this year and btw.. finally guess we better tell you before it gets out in the industry...

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    Oh and nothing is going to happen.. business as usual.. yea right.. "pay no attention to the man behind the curtain"... i just feel sorry for the employees ... says alot to go six months without even the courtesy of letting them know...

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    Yeah...I thought that was a little strange that their letter to the employees came out the same day that this thread started.

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    Quote Originally Posted by TheTruth001 View Post
    Wow..what would you think if you were any employee... guess management thinks a lot about them.. sold the company earlier this year and btw.. finally guess we better tell you before it gets out in the industry... Oh and nothing is going to happen.. business as usual.. yea right.. "pay no attention to the man behind the curtain"... i just feel sorry for the employees ... says alot to go six months without even the courtesy of letting them know...

    It sounded like they wanted to be running the company with the new investment partners in place for a while so when the deal was announced, they could show that it was not going to mean any drastic changes. Our rep said he believed the deal was to invest in expanding the company. Such as designing a new stainless cab and such. and I wouldn't feel too bad for the employees either. I saw in some previous posts about Chris Ferrara purchasing generators for his employees that were without power after Katrina. During my department's tour of the plant, we got to meet Chris and several others in the office and out on the production floor. We felt it was a first class operation.

    "Truth"001: So how's the weather up in Wisconsin?

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    Default Huh?

    Quote Originally Posted by firerunner55 View Post
    Yeah...I thought that was a little strange that their letter to the employees came out the same day that this thread started.
    You heard from sales guy that had been notified and then YOU started the thread. Do you remember what you did yesterday? Do you know where you are? Do you remember your name?

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