Benchmark International Advises on the Sale of Progressive Industries to Power Products LLC
Benchmark International has successfully facilitated the sale of Progressive Industries, Inc to Power Products LLC. With this acquisition, Power Products LLC expands its product offering and distribution base in the recreational vehicle industry.
Progressive Industries, Inc is a manufacturer of RV surge and electrical protection products supplying every major RV retailer and distributor in the US. The company has been providing industry leading products and customer service since its inception in 1998. The company has been privately owned by Thomas “Tommy” Fanelli who is now moving on with his retirement from the industry through the exit.
The acquirer, Power Products, LLC, is a global manufacturer and supplier of electrical products for construction and maintenance, recreational marine and specialty vehicles, industrial power, and transportation. With industry-leading brands and a track record of innovative product development, Power Products partners with our customers for sustainable, mutual growth.
Founder and Owner of Progressive Industries, Inc, Tommy Fanelli, stated “I would like to thank Benchmark International for their dedication and expertise in facilitating this transaction. Benchmark International teamed up with my accountant and attorney and worked seamlessly as a team to negotiate the best possible deal for me. They recognized the growth occurring in my business and were able to assist in increasing the purchase price above what I originally was looking for when I first decided to sell. I am thankful to be leaving the company in good hands with Power Products and am excited to move on with the next chapter of my life.”
Senior Associate, Graham Woodard, stated, “It was truly a pleasure to facilitate this acquisition of Progressive Industries Inc through a quality buyer in Power Products LLC. The acquirer understood the strategic value in our clients business and the tremendous growth mode they were experiencing. Through enhanced resources and systems, they will be the perfect partner for Progressive Industries Inc in order to execute on the current growth and allow for tremendous upside in the employee base and vendors working with the company. On behalf of Benchmark International, we would like to wish the very best to Tommy Fanelli and his family as he moves to Florida for his retirement”
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