Hannay Reels to be sold to Chicago company

WESTERLO―A fourth generation family business, Hannay Reels is in the process of being sold.

First reported last week by the Altamont Enterprise, the Westerlo hose and cable reels manufacturer has a binding agreement with Chicago-based Madison Industries.

Eric Hannay, president and CEO of the company his great-grandfather founded, told the Altamont Enterprise that employees have known about the impending sale since January.

He said that the business is not leaving Westerlo and the name Hannay will remain on the door of the 200,000-square-foot facility.

Madison Industries owns more than 80 companies, primarily in the HVAC, air quality, and safety equipment sectors.

The sale price has not been disclosed.

Located on State Route 143, Hannay Reels employees approximately 160 people and last year had sales that topped $95 million.

“After 93 years of building and growing the business, the family owner-managers decided that this is the right time to responsibly hand the reins over to new ownership and leadership that has the expertise and commitment to ensure this company can continue to grow and prosper,” Hannay is quoted in the Altamont Enterprise.

His sister, Elaine Hannay Gruener, serves as chief operating officer and vice president of human resources.

The Hannay legacy started in 1933 when Clifford B. Hannay built a unit for a local kerosene delivery man to pump fuel directly from his truck to homes. As word of the new reel spread, more requests came in. Clifford B. Hannay & Son was born.

By the 1950s, the Hannay family was building about 3,600 reels a year for customers across the country. In 2021, the company reached production of its three millionth reel.

The sale is not expected to be completed until next year, according to Hannay.