In February, Brookfield-based Wolter Inc., a material handling distribution company, received a game-changing investment from BBH Capital, a private equity strategy of New York-based private investment bank Brown Brothers Harriman & Co. Thanks to the “significant growth investment,” Wolter has expanded its business substantially throughout 2024 with the addition of Bobcat products to its catalog
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Jerry Weidmann[/caption]
Among the things Wolter attributes to its success, a culture of family-centric values is at the forefront.
“The core element of being able to grow a family business is to be able to translate the family values and culture in each acquisition,” Weidmann said.
Most, if not all, of the businesses Wolter has acquired are also family owned, which is “in the nature of the industry,” according to Weidmann. The acquisition process has proven more fluid for Wolter if the existing company shares similar family values.
With industry founders reaching retirement age, an acquisition by Wolter offers a built-in exit strategy, Weidmann said. This is something that Wolter advertises when acquiring a new subsidiary.
Wolter uses a four-phase team building system – forming, storming, norming and performing – to transition businesses to operate in “The Wolter Way.” Forming takes place when the acquisition is announced, as both companies form into one under the parent (Wolter). Storming is the frictional period in which a subsidiary is tasked with adopting new policies and procedures. Norming is the acceptance and adoption of said policies and procedures. Performing happens when the transition is complete and both companies are functioning under the same leadership.
“In our case, organic growth became more difficult to attain our goals,” said Weidmann. “It wouldn’t be fast enough, so we chose acquisitions as the platform.”
Using its acquisition model, Wolter has expanded to 19 locations across the midwestern and southeastern United States and plans to double in size in the next five years.
Wolter expects to duplicate its operations by expanding into states bordering the Mississippi River into the northeast region. With a higher concentration of major cities in the eastern half of the United States, shared distribution methods and commerce density makes for better opportunities to increase Wolter’s footprint, Weidmann said.
In addition to its acquisitions, Wolter has added several new leadership positions to oversee the growth in the southeast region. Stu Pineda was promoted to chief financial officer, Ross Jeremiah was promoted from executive vice president to president of the Midwest region, Tony Jones (former CEO of Doosan Industrial Vehicles Americas) was named president of the southeast region, and Martin Park will serve as chief of staff to Weidmann.
Wolter was recognized as one of BizTimes Media’s Future 50 companies in 2022, 2023 and 2024, a recognition of southeastern Wisconsin’s fastest growing, privately held companies.
