Zeeland Township-based steel truss manufacturer Progressive Systems Inc. recently sold to a local investor who sees growth potential in the 34-year-old company.
Joshua Brewster, a local entrepreneur with a background in manufacturing and real estate, acquired Progressive Systems in a recent deal. Terms of the transaction were not disclosed. Light Gauge Metal Trusses
Stan Sluiter in 1990 co-founded the company, which initially produced pre-assembled metal stud wall paneling before expanding into the light-gauge truss industry in 1994 under the leadership of Stan’s son, Scott.
Brewster said he aims to take Progressive Systems into its next stage of growth.
“Potential is what excites me about this acquisition and adding to the portfolio to create synergies that many can benefit from,” Brewster said in a statement. “I look forward to carrying on what Scott and his team have worked very diligently on over the last few decades.”
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Scott Sluiter and his wife, Susan, had been looking for a successor and worked with Grand Rapids-based Calder Capital LLC, which served as the company’s exclusive M&A adviser on the deal.
During the process, Brewster stood out as an ideal candidate based on his “leadership skills and entrepreneurial drive,” according to a news release.
Pankaj Rajadhyaksha, merger & acquisitions adviser at Calder Capital who led the deal, said he has known the Sluiter family for decades and witnessed the company’s steady growth within the construction industry.
To date, Progressive Systems has built more than 275,000 steel trusses and shipped 30 million pounds of steel for more than 13,000 projects.
“I truly believe that the company can grow substantially from its existing location for decades to come,” Rajadhyaksha said in a statement. “I am excited for Scott and Sue to start their transition out of the business and eventually start enjoying retirement. This is also an exciting time for Josh as he takes on the challenges of using his manufacturing expertise and taking the business to the next level.”
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