The Oregonian – Business – Merger & Acquisitions
December 1, 2011
By Molly Young
HILLSBORO industrial hauling and construction company Omega Morgan has sold a majority stake of its business to a group of private investors led by local equity firm Riverlake Partners.
The move will help Omega Morgan expand beyond its Pacific Northwest base into Phoenix and Vancouver, B.C. New Chief Executive John McCalla said.
McCalla, the former CEO of Warm Industries in Clackamas, partnered with Riverlake Partners to buy a controlling share of the company. Portland’s Columbia Investments also invested in the deal.
Terms of the agreement weren’t disclosed.
Omega Morgan’s sales increased nearly 50 percent this year as its industrial clients started to recover from the recession, McCalla said. He expects almost $60 million in revenue this year, up from $40 million a year ago.
The business plans to add an engineering services division and target growth along the West Coast.
The cash infusion will help fuel the expansion, said Erik Krieger, founder and managing partner of Wilsonville-based Riverlake Partners.
“It’s always exciting to have a local company stay local and have local investors,” Krieger said.
Omega Morgan employs more than 300 people at its Hillsboro headquarters and its Seattle hub. Former Chief Executive Jeff Morgan will remain with the company and serve as vice president.
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