Springfield-based Design Fabrication Inc., a structural steel manufacturer that serves area general contractors, sold this month to a longtime employee and manager of Springfield Remanufacturing Corp.
Dianna Devore, who had been with SRC for 25 years in a variety of management roles and was the general manager of Megavolt for seven years, said she applied a Small Business Administration-guaranteed loan of $1.4 million to purchase Design Fabrication. The deal closed Dec. 6.
Devore said the attainment of the company, which is located at 2144 E. Blaine St., fulfills a life-long dream to own her own business.
“I really wanted to stay in manufacturing, but there are not a lot of manufacturing businesses out there for sale right now,” Devore said. “This is still a production shop, and that was really important to me.”
She purchased the nearly 20-year old company from co-founders Bob Carpenter and Mark Lightfoot through Kingsley Group Business Brokers and agent Gary Rogers.
Design Fabrication sells products such as beams, columns, joists, decking, stairs and rails in support of commercial construction projects. Carpenter said his materials are most often used in homes, schools and churches.
“We’ve sold to almost all the contractors in Springfield and the surrounding areas, and house-builders use a lot of steel beams,” Carpenter said, adding that he has sold to contractors as far away as Olathe, Kan., and Phoenix, Ariz.
Carpenter said he and Lightfoot had the business on the market for about two years. Before starting Design Fabrication in 1991, the co-owners worked together for nine years in sales for Tiger Steel Corp.
Carpenter said he plans on working on his farm just east of Springfield, where he has 90 head of cattle, in his retirement. Carpenter’s wife is one of the company’s 12 employees and will stay on staff with Devore.
Lightfoot said he is looking forward to spending more time on his dirt-track racing hobby.
According to Carpenter, the company will post revenues of more than $2 million in 2010, and sales were flat compared to 2009. Devore said she has a revenue goal of $2.3 million for 2011.[[In-content Ad]]
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