ICAFe acquires competitor Dove Equipment

Freeman Staff

Sept. 26, 2014

WAUKESHA - ICAFe, Inc. has announced the acquisition of a competing company, Dove Equipment, becoming one of the largest distributors to the industrial finishing market.

“Both organizations are recognized leaders in industrial finishing systems,” said Jeff Treske, president of the Waukesha-based ICAFe. “While each organization has its own strengths, together, we represent a larger, more financially stable organization with a greater ability to serve our customers more effectively.  In addition, this acquisition will serve as a catalyst to drive growth and pursue future expansion.” 

For more than 60 years, ICAFe has been serving the industrial finishing industry throughout the central United States, growing in recent years through organic growth as well as acquisitions.

Dove Equipment, based in East Peoria, Ill., has been in the industrial finishing systems industry for more than 40 years. The company was previously employee-owned. Its primary North American service areas are the Upper Midwest but Dove also serves nearly all of Mexico, with offices in Monterrey and Puebla.

The acquisition was approved by participants of the Dove Employee Stock Ownership Plan members in July and the deal closed in early August.

Dove will remain in East Peoria and Mexico. Its various operations will retain the Dove name. ICAFe will remain in Waukesha.

In 2001, ICAFe acquired Waukesha-based RPM Industries, which sold finishing equipment in addition to having an electroplating division. In 2006, ICAFe acquired O’Donohue industries of Waukesha, expanding its offerings in parts washing and metal preparation. In 2010, ICAFe acquired M&M Supply of Green Bay, also a finishing equipment distributor, according to the company.