Posted November 3, 2011
Employee group acquires Alaska Bearing
Alaska Bearing Corporation announced the sale of the business to ABCO LLC, a new entity formed by two long-time employees.
Brian Leach and Larry Larson have bought the assets of the company, which will continue operating under the name Alaska Bearing. The new owners plan to maintain the company's current Anchorage location and retain all staff and product lines.
The Alaska Bearing Corporation was founded in 1979 by George M. "Morrie" Wilkins, Barbara Wilkins and son, George Bruce Wilkins, to supply power transmission products to Alaska.
"Morrie and I believed that a locally-owned and operated business can provide a superior level of service," said Barbara Wilkins. "He and Bruce would be so proud that Brian and Larry are going to be able to carry on those values for years to come."
Brian Leach, a 20-year employee and Alaska Bearing's new co-owner, said, "The Wilkins family built a sterling reputation in Alaska for their business. Larry and I are looking forward to continuing ABCO's legacy as the state's reliable supplier of parts and honest advice."
The company will also continue its relationship as a member-owner of the distributor cooperative IDC-USA.
"Over the years, Brian Leach and Larry Larson have worked extremely hard at Alaska Bearing so it is gratifying to see them take ownership of the company. This exemplifies a satisfying succession plan for independent distributors," said Jack L. Bailey, IDC-USA president and CEO.
