Krumans Retire After Selling Business to Dearing
YOUNGSTOWN, Ohio – Dearing Compressor & Pump Co. has completed its acquisition of Pittsburgh-based Kruman Equipment Co., fulling assuming operation of the company last month.
Eric and Brian Kruman, whose grandfather established Kruman Equipment in 1936, opted to sell the business when they decided to retire.
“My brother and I wanted to exit the business together,” Eric Kruman said, and officially retired from the company in June. Under the terms of the acquisition, Kruman will still own the building at 3000 Penn Ave. in Pittsburgh, and Dearing plans to keep the plant in operation.
The acquisition marks the merging of two of the oldest Gardner Denver industrial air compressor distributors. The transaction closed Jan. 29 — 82 years to the day since the Kruman family started the business. The deal enables Dearing to double its industrial air compressor business and better serve the dynamic energy market.
“It was just the right fit culturally, strategically, geographically – and the timing made sense for both sides,” said Richard Dearing, president of Dearing Compressor.
The acquisition of Kruman made sense because the cultures of bother companies meshed well, and the expertise of both companies helped make the transition seamless, added Becky Wall, vice president of Dearing Compressor.
“The cultures of both Dearing and Kruman reflect common values of family-owned and operated, multigenerational businesses – making the blending of the two a natural fit and bringing together the best assets of both companies,” she said. “With more than 150 combined years of industry experience, both Dearing and Kruman have spent decades delivering a deep working knowledge of the products, parts and processes that ultimately have allowed them to offer their customers the most precise and effective application of systems and components.”
Dearing Compressor has been in business for more than 70 years, and serves the automotive, aluminum, plastic, chemical, food, high-tech, lumber, rubber, steel, mining and oil and gas industries. Kruman Equipment Co. is a full-service distributor of energy-efficient rotary screw and reciprocating air compressors, aluminum piping systems, electric drain valves, oil/gas separators, and nitrogen generators.
Copyright 2024 The Business Journal, Youngstown, Ohio.