Nearly all Larkstur employees and executives joined the Nott team on day one of the acquisition, Rauchhaus said, and will continue to serve their customers in the same capacity as before the deal.
"Nott Co.'s team is what makes us different, and our culture is something we take pride in," Rauchhaus said. "While evaluating the acquisition opportunity, a key point was making sure Larkstur's team fit into our culture."
Nott operates as an ESOP, or an employee stock ownership plan. This means that company employees own shares of the company. Rauchhaus said that largely because of that status, Nott Co. is designed to be a growth-oriented organization, with a solid forward-looking strategy rooted in both organic growth and strategic acquisitions.
Terms of the deal between the two privately held companies were not released, however both companies have been profitable in recent years.
"We evaluate each opportunity with the goal of benefiting both our customers and employees. Both Larkstur and Nott have experienced solid revenue growth over the past few years," Rauchhaus said. "Combined, we anticipate that this addition will deliver added value and expertise to our customers through Larkstur's aggregate belting experience."
This includes an expanded local footprint at Larkstur's locations in North Mankato and Burnsville, Minn, and "optimized processes" with the combined company's internal engineering team and manufacturing expertise, according to Rauchhaus.
The Burnsville location will continue to service customers as in the past as a Parker Store, where customers can purchase hydraulic hoses, fittings, adapters and quick couplings. These stores also stock industrial hoses, cam lock fittings and various banding and clamping accessories.
The North Mankato site will continue to serve customers providing hose, fittings, material handling and power transmission products, as well as a Parker Store. It also will serve as an office for sales and a production site for belting solutions in the aggregate market, Rauchhaus said.
Eventually, the Nott Co. brand will be replacing Larkstur at both locations. According to the CEO, teams from the two organizations are developing a transition plan to ensure that they will deliver a high level of customer service. Integrating the Larkstur staff into the Nott team will allow them to devote more focus and support to their customers, he added
"While we will be retiring the Larkstur name, we aim to bring an even higher level of service to these two locations and Larkstur customers under the Nott Co. brand," Rauchhaus said.
It is likely that Nott could pursue additional acquisitions. Its last two purchases included Fargo Hose Co. and Dakota Molding, both based in Fargo, N.D.
Fargo Hose expanded Nott's footprint in hydraulic hose assemblies, protection, clamping, banding, fittings, adapters and quick couplers, along with a new location.
Dakota Molding added rotational molding to the company's portfolio, providing its customers with immediate access to a wide variety of high-quality custom tanks and other specialty nylon products.
"Nott Co. is always looking for opportunities to grow and add more value to the products and services we offer to our customers," Rauchhaus said.
According to its LinkedIn page, Nott's geographic area includes Minnesota, Illinois, Iowa, Wisconsin, Nebraska, North Dakota and South Dakota. However, Nott's manufacturing operations support customers in North America and all across the world.
Headquartered in North Mankato, Larkstur was established in 1970 and offered a complete line of bulk material handling and power transmission products, serving mainly the aggregate industry. Its power transmission capabilities and product portfolio included belt conveyors, screw conveyors, bucket elevators and bin/silo arrangements with system design, fabrication and assembly.
