KIRKLAND, Wash. – AUGUST 1, 2017 – Solomons Fund today announced the acquisition of Yakima’s FarWest Fabricators Inc., its latest investment in high-potential, successful, privately held companies throughout the Pacific Northwest.
FarWest Fabricators makes metal parts to exacting standards for a wide range of industries. It has earned a stellar reputation for customer service, quality and integrity since its founding in 1983 by Gary Carter, whose son Jeff has led the company since 1993.
“FarWest Fabricators is a great company today and a model for business success based on values,” said Scott Smith, co-founder and chief executive officer of Solomons Fund, who himself brings many years of senior leadership in the metal fabrication industry. “They are an excellent fit for Solomons Fund. We believe we have the right operational experience and resources to help FarWest Fabricators grow, and we are excited to get going.”
“Scott and the rest of the Solomons Fund team demonstrated to me they understand who we are. They care about legacy, and they have the conviction and know-how to take FarWest to the next level,” said Jeff Carter, who remains at FarWest Fabricators as a shareholder, advisor and board member. “I’m convinced they share our principles, vision and commitment to our customers, employees and community.”
FarWest Fabricators has named a new chief executive officer, Norm Thomas, a former executive at Microsoft and other software companies who also brings deep experience in manufacturing at local industry leaders Intalco Aluminum, Fatigue Technology and GM Nameplate. Thomas will tap the collective insights and talents of Solomons Fund investors, who bring more than a century of successful entrepreneurial, corporate and operational leadership experience and an aligned set of values centering on stewardship and long-term vision.
FarWest Fabricators has more than 80 employees, primarily at its headquarters in Moxee, Wash., near Yakima, who are engineers, software technicians, machinists, welders, sales specialists and administrators maintaining a corporate culture built on character, diligence, and commitment to customers and to one another.
Acquiring FarWest Fabricators fits Solomons Fund’s ongoing focus on a market segment it believes the institutional capital industry overlooks: small, profitable companies owned by retirement-age entrepreneurs who want to extend their legacies while protecting their employees and local communities. Solomons Fund’s strategy is to build long-term value over a ten-year-minimum time horizon - another departure from the traditional norms of the private equity industry, which generally drives for quick-turnaround results.
“For years, researchers have pointed to a growing trend of baby boomer owners who are reaching retirement age and need to find the right transition path. The numbers are large: tens of thousands of businesses in the Pacific Northwest will change hands over the next several years,” said Jeff Rogers, a Solomons Fund co-founder. “Yet the capital markets are not prepared and generally are not focused on this type of organization, which puts the companies, the employees and the local communities in jeopardy. Solomons Fund’s mission is to help close the gap.”
About Solomons Fund
Solomons Fund acquires companies to extend their legacies by applying principles of stewardship, operational excellence and long-term vision to produce exponential growth for the acquired companies and strong returns for Solomons Fund investors. Solomons Fund’s first acquisition, Yakima-based Graphic Label, was announced in August 2016; its second, BestWorth Rommel of Arlington, Washington, was announced in May 2017. For more information, visit OneAccord.co/Solomons-Fund.