Drives, LLC ("Drives"), located in Fulton, IL, is a designer and manufacturer of drive chain-based products, augers and assemblies for industrial, agricultural, construction and related applications.
In 2008, the second generation owner of Drives decided it was time to exit the business. He desired that the new owner keep the plant in Fulton, IL, and preserve the company's unique culture as well as invest in and grow the company. The owner's advisor approached Scott Capital as he recognized the fit.
Scott Capital purchased Drives in May 2008. In partnership with Drives' management, Scott Capital completed the following initiatives during its ownership:
- Brought in value-added, experienced board members
- Expanded operations overseas and into a broader industry base
- Invested in plant expansion
- Increased market penetration
- Developed significant cost savings initiatives
Scott Capital grew the company throughout the Great Recession and exited its investment in Drives in October 2011 through a sale to The Timken Company, a publicly traded NYSE company, for $92 million.