Lindy-Little Joe is sold to Arkansas-based firm
By MATT ERICKSON
Staff Writer
Brainerd tackle manufacturer Lindy-Little Joe Inc. has been sold to an Arkansas-based company, it was learned Monday.
The company was sold Friday to Fort Smith, Ark.-based PRADCO Fishing, which is a division of EBSCO Industries in Birmingham, Ala. Lindy-Little Joe employees learned of the sale about 2:30 p.m. Monday, said Wayne Zitzow, marketing director at Lindy-Little Joe.
"We will remain Brainerd-based, they assured everyone of that," Zitzow said. "I don't think there will be much change at all."
Lindy-Little Joe Board chairman Dr. Roland Kehr, who has been one of the owners of the company for almost 30 years, said in the past companies have made offers to buy Lindy-Little Joe, but the board had always turned them down. But with a number of board members in their 60s and looking for an exit strategy, Kehr said a marketing firm was hired in October to determine interest of a sale. Of the six offers that came, PRADCO Fishing was the best, he said.
"We are excited about it because they are in the fishing business, they know their stuff," Kehr said. "They'll be able to move Lindy products into markets we're not strong in and, visa versa, we'll be able to move their products in our markets. I view this, I truly do view this, as a win-win situation."
"We are excited about it because they are in the fishing business, they know their stuff."
Dr. Roland Kehr
Lindy-Little Joe Board chairman
Kehr declined to say how much Lindy-Little Joe was sold for. "Let's just say we're very happy with the purchase price." He also said he would remain as a shareholder representative.
Though Lindy-Little Joe will be under different ownership, Kehr said the Lindy-Little Joe name and offices will remain in Brainerd and no employees will lose their jobs.
"One of the things going forward we were concerned about was maintaining employment status and the business' presence," Kehr said. "I can't overemphasize they want to gain a foothold in the North and Midwest and felt we were the best opportunity they've seen.
"In terms of employment, this makes it more secure. I would foresee, perhaps once the economic situation clears, some increased opportunities here."
Lindy-Little Joe's brands include Little Joe tackle, Thill tackle, Old BaySide, Beckman nets, Drift Control drift socks and M/G muskie tackle.
PRADCO's tackle brands include Rebel, Bomber, Heddon, Cotton Cordell, Arbogast, Silver Thread, YUM, Booyah and Excalibur.
The Lindy Tackle Co. was started in 1968 by brothers Al and Ron Lindner and Nick Adams in order to manufacture and market the Lindy Rig. The company was sold to Ray-O-Vac in 1973. In that same year, Ray-O-Vac acquired Mille Lacs Mfg., which owned the Little Joe brand name of fishing tackle, and merged Mille Lacs Mfg. and Lindy to form a fishing tackle division.
Lindy-Little Joe Inc. was incorporated in November 1978 to acquire and operate the business of the fishing tackle division of Ray-O-Vac starting in January of 1979.
In 1992 Thill Fishing Tackle was acquired by the company. In 1997, Lindy-Little Joe Inc. acquired System Tackle Manufacturing. In 2003 Lindy acquired the assets of Old BaySide Fishing Tackle. In 2004 Muskie Greats Tackle, or M/G, was acquired. In 2005 Beckman nets and Drift Control drift socks were added into Lindy's operations.
PRADCO Fishing was founded in 1960 as part of Plastics Research and Development Corp., a custom injection molder. PRADCO Fishing's Web site,
www.lurenet.com, allows consumers to order direct and gives anglers a one-stop source for many types of fishing information. PRADCO Fishing products are sold in more than 50 countries.
EBSCO, which stands for Elton B. Stephens Co., was founded in 1944 and is made up of more than 40 businesses, including fishing tackle, publishing of journal article databases, subscription provider for more than 300,000 title listings from more than 78,000 publishers worldwide, steel joist and metal roof deck manufacturing and real estate development. The company employs more than 6,200 people and, according to Forbes magazine, is ranked in the top 200 of the nation's largest privately held corporations.
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Topic: Lindy-Little Joe is sold (Read 2572 times)
