BELLOWS FALLS, VT — Sonnax announces a change of company ownership. Neil Joseph, founder and CEO, along with minority shareholder David Landa, sold the company to Tommy Harmon and David Bedard in a management buyout. Harmon and Bedard formed a 50/50 partnership to complete the transaction effective June 30, 2005.
Sonnax, founded in 1978, is a product supplier to the automotive aftermarket. The company designs, manufactures and distributes replacement transmission, torque converter and related parts worldwide. With nearly 200 employees and worldwide operations, the company has realized double-digit annual growth.
Headquartered in Vermont, Sonnax received the Exporter of the Year award for its excellence and has consistently been recognized as one of the fastest growing companies in Vermont.
“We are thrilled to own a company with such an impressive history and strong ties to the community,” said Tommy Harmon, who will assume the title of president and CEO, Sonnax. “It is a top engineering and manufacturing company with great people and products. We look forward to continued growth and expansion.”
In 1996, Tommy Harmon joined Sonnax as the chief financial officer and for the last five years has served as the chief operating officer. He has been an integral part of the company’s strategy and growth. Tommy began his career with Peat, Marwick, Mitchell & Co and has held chief financial officer positions at a variety of successful companies, both domestic and international. He is a graduate of the University of North Carolina Chapel Hill and holds a CPA.
David Bedard, who will assume the title of Chief Operating Officer, has worked at the company for the past year as Vice President of Sales, Marketing and Business Development. “Tommy and I want to share our excitement and enthusiasm with the entire company. We are very fortunate to be part of the Sonnax team and look forward to working hard to continue its growth and prosperity.”
Prior to Sonnax, David served as chief operating officer for Skip Barber Racing (SBRS). Before SBRS he was a merger and acquisitions banker in the global power and energy department of JPMorgan in New York. He holds both a bachelors and masters degree in mechanical engineering along with an MBA from Boston University.
The founder, Neil Joseph, will remain as a consultant to the business for the next three years. In a prepared statement for employees, Neil stated he is pleased to have “sold Sonnax to Tommy Harmon and David Bedard, who I believe have the ability to take this company to the next level.”
_______________________________________
Click here to view the rest of today’s headlines.
