Albert J. Marro / Staff File Photo
Andrea Greene works on a sweeping taper for a chandelier during a demonstration last year at Hubbardton Forge in Castleton.
CASTLETON — Despite being sold to a Boston-based investment firm, Hubbardton Forge of Castleton will continue operations as it has before the change of ownership.
Bunker Hill Capital of Boston announced that it had acquired Hubbardton Forge LLC from its private equity owner, Lineage Capital. The terms of the sale, which was announced Friday, were not revealed.
Hubbardton Forge is a designer and manufacturer of hand-forged lighting fixtures. Its CEO, Bob Dillon, said he expects no changes as a result of the change in ownership other than a potential for growth.
Dillon said some concern was heard in the community about employees’ jobs and the future of the company in Castleton, where about 215 jobs makes Hubbardton Forge an important cog in the economic engine of the area.
“The jobs we have right now will remain, and the intention of Bunker Hill Capital is they have the resources to help us continue the growth track we have been on over the last couple of years,” Dillon said in an interview. “(Employment) is certainly not going down.”
Dillon also answered rumors that the company may move out of the area.
“Concern has been bouncing around here and in the community,” Dillon said. “At this point in time, there is no intention of moving our operation offshore or anything like that. We’ll be here in Castleton, Vermont. I’d say it’s a very safe statement to say we’re here, we’re going to stay here, and we’ll continue to grow the business here in Castleton.”
Dillon said Hubbardton Forge is well aware of its role in the community.
“We take that seriously,” he said. “That’s what makes you feel good at the end of the day. You keep it here and keep it growing.”
Dillon said his initial concern was whether the new owners would appreciate Hubbardton Forge for its strengths and support the company.
Bunker Hill Capital answered that question in a news release.
“The management team and workforce at Hubbardton Forge are second to none,” said Rufus Clark, a managing partner of Bunker Hill Capital, in the news release.
“We were impressed with the quality and pride that is forged into each fixture.”
While nothing was announced Friday, Dillon said there is room to grow and the new owners have the resources to help make that happen. “We have the ability to approach doubling capacity in our current building,” Dillon said.
And if the new owners have their way, capacity will be ramped up.
“Bunker Hill Capital is looking forward to partnering with management and building upon the strong foundation for growth that currently exists at Hubbardton Forge,” said Mark DeBlois, a managing partner at Bunker Hill Capital, in the news release.
“The company has a proven track record with over 20 years of consistent growth and is in a great position to take advantage of the opportunities within its residential, commercial, and international channels. We are very excited to work with this management team in scaling the business to its next level of growth.”
Hubbardton Forge serves more than 1,300 accounts.
@rutlandherald.comMORE IN Vermont News
- Most Popular
- Most Emailed