Millville, N.J. — Trico Lift, an aerial equipment rental company based in Millville, N.J., last month announced the addition of two investor partners — John Michael Paz, owner of Godwin Pumps of America, and Argosy Partners, represented by John Kirwin III.
Trico Lift president and CEO Ken Pustizzi told RER he has known Paz for many years through the equipment rental business and as a friend. When Pustizzi asked Paz if he was interested in investing in Trico as a minority investor, Paz suggested Argosy as an additional investor and the deal was developed.
“At Godwin Pumps, we pride ourselves on getting there first and we like to be associated with companies who do the same,” said Paz. “I believe that success comes from intimate knowledge of your product or service and, most importantly, about your market. I see that insight in the management of Trico Lift.”
Pustizzi said Paz will not be involved in day-to-day operations of Trico, but would participate on an advisory level on occasion. “As the long-time owner and entrepreneur of Godwin Pumps, John brings industry experience and notable success from which we're sure to benefit,” Pustizzi said.
Godwin, based in Bridgeport, N.J., manufactures and distributes industrial pumps used for municipal sewer bypass work and for mine, quarry, and construction site dewatering and industrial applications. Godwin maintains a fleet of more than 5,000 portable rental pumps and 24 company-owned locations.
Kirwin co-founded Argosy Partners in 1989. Based in Wayne, Pa., with more than $300 million of private equity capital, Argosy has invested in more than 100 operating companies with a primary focus on acquisition and growth financings for lower middle market manufacturing, distribution and service businesses. Argosy also manages about $100 million in real estate funds.
“The companies in which we invest have seasoned and highly motivated management teams, attractive growth potential, and a strategy for sustained, long-term profitability,” said Kirwin. “Trico Lift more than meets all those qualifications.”
“Having John Kirwin's financial and professional backing is also an accomplishment for us considering the selective process involved in becoming one of Argosy's investments,” Pustizzi said.
In October, Trico Equipment re-structured itself, organizing its earthmoving and aerial divisions into separate companies to enable each to focus more on its portion of the construction equipment market.
Trico Lift has one of the largest privately owned fleets in North America. It has branches in Beltsville, Md., Gainesville, Va., Marcus Hook, Pa., Cincinnati, and South Plainfield, N.J. Combined with the earthmoving company, Trico is No. 44 on the RER 100.