Hollister Whitney Purchased by California Firm
One of Quincy’s long time companies, Hollister Whitney, has announced a purchasing agreement with a California firm. Vice President of Hollister Whitney Frank Musholt announced Thursday that Hollister Whitney Elevator Corporation along with other affiliates, GAL and GAL Canada, have reached an agreement with Golden Gate Capital (GGC), a leading private equity investment firm in San Francisco, California. Golden Gate Capital has signed a definitive agreement to make a majority equity investment in the Companies. Terms were not disclosed.
Musholt stated “We are very excited with this opportunity to partner with Golden Gate Capital. This partnership will provide new opportunities for us to expand our operation and continue to grow in our marketplace. We anticipate no change in the management or the personnel of our team and will operate in a business as usual mode both before and after the investment by Golden Gate Capital”.
Hollister Whitney employs approximately 325 workers and is located at 2603 North 24th street in the Schneidman Industrial Park. The company was founded in 1899 by Edward Evert Hollister, building and installing hydraulic elevators. Frank H. Whitney joined the company in 1906.