Milwaukee ForgeTech · Strategic Analysis

The 2020 Acquisition:
Who Did We Win, Who Did We Lose,
and How Do We Get Them Back?

A targeted analysis of every customer gained through the acquisition and their current status
$81.8M
Revenue from acq. customers
37
Brand-new customers added
25
Lost since 2020–21 peak
$30M
Revenue lost from churned accts
01

What the Acquisition Delivered

Total acq. customer revenue
$81.8M
Across all 37 brand-new accounts
Still active today (2024+)
12 accounts
$8.7M in 2024–25 combined
Lost / dormant
25 accounts
$30M in historical revenue gone
Existing accts boosted 2x+
12 accounts
Caterpillar-Peoria, SEW, others
Revenue flow: before, during, and after the acquisition era
Revenue grew dramatically from 2020-2023 driven by acquisition customers, then pulled back in 2024-2025.
Context: The 2020 acquisition didn't just add new customers — it also appeared to dramatically boost several existing accounts, most notably Caterpillar-Peoria (3.3× increase in average annual spend post-acquisition), SEW-Eurodrive (2.7×), and Allison Transmission (2.8×). This suggests the acquired operation brought additional product lines, capacity, or certifications that unlocked new work at existing relationships.
02

Acquisition Customers Still Active — Protect These

These 12 accounts came with the acquisition and are still placing orders. Several are fading — watch them closely.

03

The $30M Lost — Priority Re-Approach Targets

These acquisition-era customers generated significant revenue but have not placed orders since 2023 or earlier. Grouped by the most likely explanation for the loss.

Dana Group — program end or consolidation ($18M total)

  • Dana Manufacturing Switzerland GMBH placed $13.6M in 2020–2023 and went to near-zero in 2023. The 2021–2022 spike followed by a rapid wind-down looks like a specific program completion.
  • Dana Pottstown Corporation followed the same curve: big 2021 spend, taper, silence. Two separate Dana entities with the same pattern suggests a platform change or insourcing decision at the corporate level.
  • Dana Luxembourg entities (two variants, same address likely) were one-year buys in 2020 only. May have been a qualification order that never converted.
  • Dana Lima Corporation is still active but revenue has dropped from a $2.96M peak in 2021 to just $105K in 2025. Significant risk of losing this entity too.
  • Reapproach angle: Dana is a global tier-1 supplier undergoing constant platform transitions. The relationship exists — it just needs a new program. Get to the right procurement contact at the corporate level rather than just at the plant level.

Caterpillar, Inc. — different entity from Caterpillar-Peoria ($7.7M lost)

  • This is a distinct Caterpillar entity (likely a separate division or procurement unit) that bought heavily in 2020–2021 and trailed off by 2022. Your existing Caterpillar-Peoria relationship should be the entry point.
  • Caterpillar is known for centralizing then decentralizing procurement. The entity may have shifted sourcing internally, or the specific part program ended.
  • Reapproach angle: Use your Caterpillar-Peoria contacts to identify who handles procurement for the entity that went dark. A direct referral within Caterpillar is your fastest path back in.

Hendrickson — multiple entities, partial retention

  • Three Hendrickson entities appear: Trailer C.V. Sys (still active at $3.85M, but falling fast from $2.6M peak to $87K in 2025), Suspension ($281K, gone 2021), and USA LLC ($177K, gone 2022).
  • The fragmented buy across three entities suggests different plants or divisions source independently. The trailer entity is still active — but the trend is concerning.
  • Reapproach angle: Hendrickson is now part of the Hendrickson International group. The dormant entities may be consolidating purchases through the surviving Trailer entity, or they may have switched suppliers. Call into Hendrickson's central sourcing to understand the full scope.
Customer Peak Revenue (year) Total Spent Last Order Likely Reason Lost Reapproach Priority
04

Existing Customers Boosted by the Acquisition

These customers were already buying from you before 2020, but their spend jumped 2× or more after the acquisition — likely because new capabilities or product lines became available. Several have since gone quiet.

Pre-acquisition average vs. post-acquisition average annual spend
Most boosted customers show 2-33x increase in average annual spend after the acquisition.
Allison Transmission ($8.3M total, last active 2023) is the most concerning here — a 2.8× boost post-acquisition followed by silence. Given that Allison is Indianapolis-based and has ongoing powertrain programs, the absence since 2023 is likely a sourcing change rather than a program end. This should be a high-priority call. Conbraco Industries ($2.6M total, last active 2022) and Jade-Sterling Steel (near 20× boost, gone 2023) are also worth investigating.
05

The Re-Approach Playbook

Priority 1 — This Quarter

Allison Transmission

$8.3M historical

Steady 2.8× boost post-acquisition, then dropped off after 2023. Large, stable company with ongoing powertrain programs. Use existing Caterpillar contacts as a reference. Target the procurement/sourcing manager for powertrain components in Indianapolis.

Priority 1 — This Quarter

Caterpillar, Inc. (dormant entity)

$7.7M historical

Different entity from your active Caterpillar-Peoria account. Ask your Caterpillar-Peoria contact to identify the procurement lead for the division that went dark. Internal referral is the fastest path.

Priority 1 — This Quarter

Dana Corporate (all entities)

$23.9M historical

Multiple Dana entities bought heavily 2020–2023. Dana Lima is fading fast. Approach at the corporate procurement level rather than plant-by-plant. Frame as a capability conversation — what programs are coming next?

Priority 1 — This Quarter

SAF-Holland (stabilize + grow)

$31.4M — active but declining

Your largest acquisition customer is still active but dropped from a $9.1M peak in 2021 to $2.9M in 2025. This is a significant fade. Schedule an executive-level account review immediately — find out what share of wallet you've lost and why.

Priority 2 — Next 90 Days

Hendrickson (consolidate entities)

$4.3M historical

Three entities, one still active but declining. Request a meeting with Hendrickson's centralized sourcing. Aim to consolidate the relationship under one contact and understand current trailer/suspension platform programs.

Priority 2 — Next 90 Days

Questek Innovations LLC

$478K historical

Advanced materials / aerospace supplier. Bought in 2021 and 2023 with a gap in between — classic project-cycle pattern. They may have a new program opening. Worth a check-in call.

Priority 2 — Next 90 Days

Jost International Corp

$373K historical

Fifth-wheel and coupling systems maker. Bought $301K in 2020 then tapered. Given their overlap with SAF-Holland and Hendrickson in the trailer/coupling space, your existing relationships could be a warm intro.

Priority 2 — Next 90 Days

Meritor Industrial Products

$329K historical

Meritor was acquired by Cummins in 2022 — this may explain the silence. The Cummins-Allison relationship you have could be a bridge. Identify which Cummins/Meritor division now handles this procurement.

Priority 3 — Longer Term

Scherer Inc / James Tool / A to Z Machine

$267K–$310K each

Smaller job shops or machine shops that were likely buying forgings for specific customer programs. The path back in is to understand what their end customers are building — they may be re-sourcing for new programs.

06

Active Acquisition Accounts to Watch — Fading Revenue

These accounts are technically still active but show declining spend. Without intervention they may join the lost column.

Revenue trajectory — fading active acquisition customers
SAF-Holland, Hendrickson, and Dana Lima all show declining revenue trends.