Multimillion dollar deal unites two of nation’s oldest CAT® dealers
PISCATAWAY, N.J. – Wells Fargo & Company (NYSE: WFC) announced today that its Middle Market Banking division led a syndicated credit facility to support Foley Inc.’s acquisition of Giles & Ransome Inc. Specific terms were not disclosed.
Foley, a regional Caterpillar dealer, acquired substantially all of the assets of Giles & Ransome, headquartered in Bensalem, Pennsylvania. The move expands Foley’s territory to include eastern Pennsylvania, southern New Jersey, and northern Delaware.
The companies are two of the oldest CAT® dealers in the U.S. Both family-owned firms have rich histories and deep roots in the New Jersey area. In fact, Giles & Ransome – launched at the height of the Depression in 1932 – became Caterpillar Tractor Co.’s first equipment dealer in the United States.
This transaction resulted from a mutual agreement between both dealerships and Caterpillar. The acquisition brings together two CAT dealers with a combined 160 years of tractor industry experience and even more years of construction industry experience.
“On behalf of the entire Foley CAT team, we are incredibly excited about the opportunity to bring these two dealerships with such rich histories together as one team,” said Jamie Foley, CEO of Foley. “With business partners like Caterpillar and Wells Fargo placing their trust in us to execute our strategy and achieve our targeted goals, we feel confident that we will fulfill our vision of creating customer experiences that create customers for life.”
“Wells Fargo has had a relationship with Foley for decades,” said Crystie Ciriello, senior relationship manager for Wells Fargo Middle Market Banking in Iselin, New Jersey. “In fact, most of our relationship team members have personally known the Foley family for more than 20 years.”
In addition to leading this transaction, Wells Fargo provides a suite of products and services for Foley, including treasury and depository products. Foley’s vision to “Create customer experiences that create customers for life” is shared by Wells Fargo.
“Our Wells Fargo team was thrilled to support Foley in a leadership role, advising and arranging the financing for this transformational acquisition,” said Pat Finn, leader of the Middle Market Banking Heavy Equipment Group.
The business operations of the combined companies are comprised of four divisions that provide a diversified line of products, rentals, and services to support a wide range of customer needs:
- Machinery Division offers the full line of CAT® Construction Products, comprised of over 300 machines.
- Foley Rents offers short-term rentals, long-term rentals, and rent-to-own agreements.
- Power Systems provides emergency and prime power generator sets, power generation rentals, temperature control rentals, compressed air rentals, marine engines, and industrial engines.
- On Highway Division capabilities include services from basic oil changes to major overhauls, and its factory-trained technicians provide expert and reliable service for CAT or non-CAT truck engines.
Foley offers product support for every division, including service and parts for all product types.
Foley Inc.’s territory includes the northern half of New Jersey; Staten Island, New York; and Bermuda. In addition to Piscataway, Foley operates 10 parts drops throughout New Jersey, including Monroe Township, Wall, Clifton, Pompton Lakes, Flanders, Glen Gardner, Fairview, Flemington, Neptune and one on Staten Island.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Wells Fargo Middle Market Banking
Wells Fargo is No. 1 in total middle market banking share in the U.S. and has the most primary banking relationships with middle market companies with $25 million to $500 million in annual sales.* With 140 offices in 38 states and four Canadian provinces, Wells Fargo Middle Market Banking provides local service and decision-making for businesses with $20 million to $500 million-plus in annual sales. Asset-based lending, traditional secured loans, and capital markets provide access to working capital for day-to-day operations and growth. Expertise and services are available to specialty industries, including technology, food and agribusiness, healthcare, government, higher education, clean technology, and environmental services. Watch stories about successful middle market companies at Wells Fargo Commercial Banking Success Stories.
*Barlow Research Middle Market Rolling 8 Quarter Data 1Q2016-4Q2017 showing Wells Fargo's competitive market performance among companies with $25MM-<$500MM in sales for both primary bank market share and total market share (primary + up to 3 additional banks used). Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.