Courtesy / Coldwell Banker Plourde Real Estate
Thiel and Sahel acquired the building Orion Ropeworks had been leasing for $2 million.
Updated: May 17, 2021
New owners of Winslow rope manufacturer plan expansion
Courtesy / Orion Ropeworks
Rishi Sahel and Martin Thiel acquired Orion Ropeworks in Winslow and its sister company, Canada Cordage in Ontario, in May 2020. The combined company rebranded as Orion Cordage.
The new owners of Orion Ropeworks in Winslow and its sister company, Canada Cordage in Ontario, are planning to rebrand the companies under one name and expand their workforce and their marketing initiatives.
“We’ll be investing a seven-figure sum in that plan over the next three to five years — probably in the next 24 months,” the company’s co-owner and co-CEO, Martin Thiel, told Mainebiz. “Our goal is to see how much more we can build the business.”
Thiel and his partner, Rishi Sahel, acquired the company in May 2020 and joined its management team.
Last month, they also bought the property that Orion had previously leased. The acquisition represented their commitment to the company, the partners said.
The property consists of a 112,200-square-foot, one-story building built in 1996, on 10.63 acres at 16 Heywood Road and 953 Benton Ave., Winslow. The purchase price was $2 million, down from the list price of $2.6 million. The seller was the town of Winslow.
Don Plourde of Coldwell Banker Plourde Real Estate and Mike Cobb of Colliers International brokered the deal.
Plourde, who represented the seller, said the deal worked well from the town’s standpoint.
“The town wanted to do whatever it could to make sure the jobs stayed in Winslow,” he said.
Orion Ropeworks and Canada Cordage have been manufacturing and distributing rope in North America for over 160 years, according to their websites. The companies have over 1,000 rope formulas designed for characteristics such as yield, tenacity, abrasion resistance, UV stability, elongation and firmness of lay. The companies supply industrial and retail products to various industries across the continent, including various departments within the U.S. and Canadian governments.
“These are heritage legacy business that are part of the history of both Canada and the U.S.,” said Sahel.
Consulting backgrounds
Sahel and Thiel came to the business acquisition from diverse backgrounds.
“Martin and I have worn many hats in our careers,” Sahel said.
Both were born and raised in Canada, Thiel in Toronto and Sahel in Edmonton, Alberta. Thiel started his career in investment banking and finance. Sahel was an engineer in a medical software company.
They met while working as strategy consultants for Boston management consulting firm Bain & Co. The two had worked for Bain for four years, consulting on projects for Fortune 500 companies, said Sahel.
Both grew up watching their families grow their own businesses.
“That planted the seed of entrepreneurship in both of us,” said Sahel.
At Bain, they bonded over ideas around entrepreneurship and came up with a plan to invest in a company that could use their skills.
“We reached out to businesses across North America and found Orion and Canada Cordage,” said Sahel.
They got into conversations with the owner at the time, Matthew Gagnon, who had been with the company for nearly a decade, said Thiel.
“Matt had come to realize that, due to the technological advancements in manufacturing, he needed outside expertise to take the business to the next level,” Thiel continued. “He initially was looking at taking capital from a professional investor but eventually realized that the best thing for the business and its employees would be to let Rishi and me purchase the business and join it on a day-to-day basis to grow it from the front lines.”
Thiel didn’t provide terms of their acquisition.
To purchase the business, they worked with a group of long-term investors — some whom they’ve known for over 20 years — and also with the Bank of Montreal, the company’s lender for the last 100 years. The purchase of the property was financed through the Bank of Montreal as well.
Legacy
The sister companies were attractive both for their legacy and their potential for growth.
“You can’t fake 160 years of operations,” said Sahel. “But there was work to be done to tell the story better and to invest in our people and invest in the future.”
As strategy consultants, said Sahel, they’re equipped to identify and prioritize the company’s opportunities and risks and invest accordingly.
“We’re not operating this business as passive investors,” said Sahel. “We’re boots on the ground.”
Now the companies, which share the same management team, are undergoing a rebranding under the name Orion Cordage.
“That’s imminent — a month or so away,” said Sahel.
The rebrand includes expanded marketing, a new website that’s almost ready to launch, and expanded networking through the Cordage Institute, an international trade association headquartered in Hingham, Mass. They’re looking to build out the sales team in order to grow the market geographically. And they’re reviewing the company’s research and development operations for further build-out.
Workforce investment
The company has a solid and diversified customer base among industries that include utility, marine, construction, infrastructure and military, said Sahel.
“But there hasn’t been an initiative to go out there and show what we’re capable of,” he said. “That’ something we’re focused on.”
Investment in the workforce is also on tap, said Thiel. That includes the property acquisition, which they said represented a commitment to the company. They’re also looking into institutionalizing new training and advancement opportunities.
The company has about 120 employees in Maine and Canada.
“We’re actively recruiting now — five to 10 people over the next few months and an additional 10 to 15 in the next year,” said Thiel.
Positions include general manufacturing. On-the-job training will be provided and the partners are looking at putting together an incentive program based on tenure. The jobs provide perks such health benefits and year-end bonuses.
The partners said their involvement is all about rolling up their sleeves, learning the company and furthering its potential.
“We’re mission- and value-driven guys,” said Sahel. “We didn’t just come in and wave a magic wand and fly off to the corporate office. We’re on the floor and at the operations meetings. We reach out and talk with customers. I hope they see that genuineness.”
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