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Chicago-Based Family Office Makes Platform Investment in Minnesota

True North Mergers and Acquisitions Facilitates Acquisition of Reliable Bronze and Manufacturing by Temple Hall Group

Chicago-Based Family Office Makes Platform Investment in Minnesota


Minneapolis, MN – October 26, 2022 – True North Mergers and Acquisitions (“TNMA”) Managing Director, Erica Gilson, announced today that Temple Hall Group (“THG”) of Chicago, Illinois has purchased Reliable Bronze and Manufacturing, Inc. (“RBMI”) of Stanchfield, Minnesota. The transaction closed on August 24, 2022. Transaction terms have not been disclosed. True North Mergers & Acquisitions initiated, negotiated, and closed the transaction on behalf of Reliable Bronze and Manufacturing. The lead advisory team included Rick Elliott, M&A advisor, Kirill Graminschi, senior M&A associate and Roan Morgan, senior M&A analyst.


“The sale of RBMI generated substantial interest from strategic acquirers, private equity firms, and family offices with over 90 signed NDA’s throughout the process. In the end, RBMI’s shareholders determined that Temple Hall Group’s strong passion for growth was the best fit to carry on the legacy the family had built for almost 55 years,” said Rick Elliott, M&A advisor, TNMA.


RBMI has been providing quality bearings and bar stock products and services for clients nationwide since 1968. Founded on old-fashioned values, customers rely on them for their quality service and precision CNC machining. RBMI’s team of highly skilled and knowledgeable employees have been retained through the transaction.


“With its Midwest roots and emphasis on integrity and teamwork, we believe Temple Hall Group will continue to build on RBMI’s legacy of working hard, doing what is right, and being good to our co-workers, customers, and suppliers,” said Melissa Altendorf, chief financial officer and shareholder of RBMI. 


“We’re pleased to carry forward RBMI’s record of success and growth, while investing in the company’s people and processes to best serve our customers and carry on the founders’ legacy,” said John Goedert, president of THG.


“We appreciate TNMA’s process, and Rick Elliott’s leadership,” said Charles Olson, chief executive officer and shareholder of RBMI. “Rick kept us informed throughout the process and provided valuable resources for our family to make the best decisions possible for us.” 


THG is a Chicago-based family office that invests in best-in-class North American manufacturing businesses. THG provides business owners with near-term liquidity, as well as capital and expertise to grow and build long-term value. With a focus on partnering with managers to build market leading businesses through their team’s expertise, experience, and network, THG helps their businesses develop and execute their strategic growth plans. 


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ABOUT TRUE NORTH MERGERS & ACQUISITIONS –True North Mergers & Acquisitions, formerly the lower middle market M&A practice within Sunbelt Business Advisors, is a practice focused on providing Mergers and Acquisition Advisory Services for companies with annual revenues between $5 million to $150 million-plus. True North Mergers & Acquisitions was formed to capitalize on the M&A expertise that Sunbelt Business Advisors has developed and on the success the company has had in middle market transactions. More information is available at

Post by MPMA
November 4, 2022

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