Do Thomas & Thomas and Abel Reels have the same ownership?
If so, is the ownership under one of the Madoffs or an entity that they control?
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Do Thomas & Thomas and Abel Reels have the same ownership?
If so, is the ownership under one of the Madoffs or an entity that they control?
If memory serves me right, which there is no guarantee:rolleyes: that it does, I believe T&T and Able were bought out by an English outfit? Something like that.
I am sure someone here has the correct info. Waiting for the post.
Larry :D ---sagefisher---
Abel bought by New York investor group
publication date: Nov 28, 2007From Abel Automatics Inc
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author/source: Abel Automatics Inc
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CAMARILLO, Calif. ? A small group of private investors has acquired Abel Automatics, Inc. manufacturers of precision machined fly-fishing reels and fishing accessories, announced Don R. Swanson, president and chief operating officer. New York-based Abel Holdings LLC assumed control of the company Nov. 9.
Financial terms of the private acquisition were not announced.
http://www.fishandfly.com/custom/abel%20reels.gifAndrew Madoff, Abel Holdings LLC lead investor, said, ?Abel?s 20-year legacy of unparalleled quality and performance makes it an attractive investment. As I?ve gotten to know the company through this process it has become clear that its most important assets are the people that create these excellent products. We?re thrilled to lend our expertise and join them in building this business and the Abel brand.
?We will work with existing management to help refine all operations of the business, reposition it for growth, and maintain the manufacturing processes that allows Abel to produce the finest fly reels in the world.?
Swanson, with Abel in various capacities since 1994, will continue to run the company day-to-day and assumes the title of president and chief operating officer. Representing Abel Holdings LLC, Madoff will be the CEO. Glen Krapff, chief designer, was named vice president; with Jeff Patterson director of sales. As a part of the transaction, both Swanson and Krapff became shareholders.
Founded by Steve Abel as an independent machine job shop, the firm initially made precision screws, aerospace, computer and medical parts. A lifelong fisherman, Abel machined reels for family and friends and in 1988 produced their first fly reel for the growing sport fishing market.
Today, Abel makes 37 sizes of fly reels in four models plus knives, pliers and other fly-fishing accessories.
Here is a little history on Thomas & Thomas from their website:
Thomas and Thomas fly rod company began building rods in Beltsville, MD as a hobby by Thomas Dorsey and Thomas Maxwell (Dorsey's brother-in-law). In 1968 Tom and Tom become Thomas & Thomas Fly Rod makers. In 1969 (with the company name taking the first names of the original principals) the company established itself in Chambersburg, PA.
In 1972 Tom and Tom purchased fly rod manufacturing equipment and a factory building from fly rod maker Sewell N. Dunton and moved T&T to Greenfield, MA. T&T took Len Codella as a partner in 1974 and the three moved the business to 22 Third Street, Turners Falls, MA where the company remained until September 1993. Codella and Dorsey bought out Maxwell in 1977 and the two remained partners until selling the company on March 27, 1986 to P. J. Carroll Co., an Irish corporation. Dorsey and Codella continued to run the company for Carroll until 1991.
Thomas Dorsey and Maxell founded T&T by hands-culpting bamboo fly rods. T&T bamboo fly rods are still produced today and are considered by many to be the finest examples of engineering and craftsmenship in the world. Given as gifts for heads of state and captains of industry the T&T bamboo fly rod is prized by anglers around the world. With outstanding industry success in Bamboo it was Tom Dorsey who realized the potential of graphite and in 1977 he designed and build the first T&T graphite rod.
In March 1991 the company was sold to Lon Deckard of Cincinnati, OH. Len Codella left the company to engage in a new business of his own, and Dorsey remained as rod builder/designer.
Thomas & Thomas has enjoyed two Presidential Commissions; a bamboo fly rod purchased by the State Department in 1981 as President Reagan's gift to Australian Prime Minister Malcom Frazer, and another commission in 1982 for two matching bamboo fly rods presented by President Reagan to Prince Charles and Princess Diana of Wales.
Today T&T employs 25 people in their Greenfield MA factory. Each dedicated member of the team helps to produce the finest bamboo and graphite rods on the planet.
http://thomasandthomas.com/
Larry ---sagefisher---
The NEW owners of Able, T&T and I believe Sharps of Aberdeen is Andrew Madoff, Abel Holdings LLC lead investor. Andrew is the son of yes, that Madoff.
T&T was a Sponsor here during the years it was owned by Lon Deckard. The 'new' owners didn't think internet exposure was anything they needed.
Thanks for the heads up LadyFisher, when I saw the name 'Madoff' my first thought was, 'can it be?' Good to see the shoulder is letting you type a bit !
Cheers,
MontanaMoose
Yep, Bernie Madoff's son is lead investor and owner of Abel. Bernie finally went to jail yesterday.
I just got a notice in the mail yesterday that the government is going to seize my Abel's because they were manufactured with ill gotten gains...
;)
...only kidding but I'm sure that rumor will get going any day now.
:)
Quote:
Originally Posted by Bamboozle
While Abel is owned by maddoff I think they are solid enough to survive. T&T, IIRC, is not owned by anyone else because Sharpes tried to buy them but the deal (regarding T&T) feel through.
Unfortunatelly I believe T&T might be circling the drain.
If they do go out of business I would buy all the T&T's you can because they will probably be collectors items