Savage Wright Group Acquires PTL Equipment

Independent investor Savage Wright Group announced on May 1 it has acquired PTL Equipment, a provider of elevator and escalator fixture components to the U.S. and international markets. The acquisition will continue PTL’s strong presence in the vertical-transportation industry as it expands nationally and globally. PTL will be led by President and CEO Jonathan Wright, a longtime PTL employee who formed Savage Wright Group to purchase PTL from Jon Heffer. Wright will continue to serve customers under the PTL brand. Terms of the transaction were not disclosed. Headquartered in Toccoa, Georgia, family-owned PTL achieved growth by creating long-term value through a strong commitment to customers. Heffer, who made strong contributions to the company, is retiring from the business. Wright has been with PTL for 19 years, working in all phases of the elevator fixture manufacturing process. Prior to the acquisition, Wright served as PTL’s customer service manager. He said what attracted Savage Wright to PTL was their similar approach to serving customers by making ordering streamlined and easy. “We are excited about the future with PTL equipment, not only for growth, but for maintaining the biblical and family values held by previous ownership,” Wright said.