Five top managers of Garco Building Systems, an Airway Heights manufacturer of steel buildings, have bought the company as it celebrates its third consecutive year of record sales.
Officials said Friday the deal will keep the growing company in Spokane, where it employs 100 people year-round and up to 160 during the summer construction season.
“This transaction allows Garco, a long-established Spokane business, to remain locally owned and operated,” said President Bill Savitz, one of the buyers.
Details of the deal, which was orchestrated by Washington Trust Bank officer Steven Yoshihara, were not disclosed.
But Savitz said the management team purchased 75 percent of the company from Terry Middaugh, who retired three years ago. Middaugh had already sold a 25 percent interest to the same five managers.
Other members of the team buying the company are: Paul Millar, vice president of administration; John Pargman, vice president of manufacturing; Mark Radmaker, vice president of engineering; and Joe Loomis, vice president of sales.
From its 115,000-square-foot factory on 20 acres along Garfield Road, Garco Building Systems manufactures 300 steel commercial and industrial buildings per year.
The 38-year-old company sells buildings in five Western states, two Canadian provinces and Alaska and Hawaii. Its largest Spokane customer is Garco Construction, which broke away from Garco Building Systems in 1978 to become a separate company.
Savitz said Garco Building Systems’ revenue for 1996 will reach $20 million, a 22 percent increase over 1995.
sponsored Jargon is confusing, by definition. And the financial world has its own set of cryptic words.