Golden Gate Capital has agreed to make a majority investment in elevator parts producer GAL Manufacturing Corp. The founding Glaser family will keep a minority stake in the target.
GAL, founded in 1927 and based in the Bronx, New York. makes elevator parts such as door locks, gears and push button panels. The company also owns the GAL Canada Elevator Products and Hollister-Whitney Elevator Division. Financial terms of Golden Gate's investment were not disclosed. Houlihan Lokey Inc. (NYSE: HLI) is advising GAL.