HAGERSTOWN - Duvinage Corp., the oldest manufacturer of steel spiral and circular staircases in the United States, was purchased for an undisclosed amount Wednesday by Key Bridge Partners investment firm.
The firm will not change Duvinage's product or fire any of the workers at its factory on Oak Ridge Drive, according to Key Bridge Partners Representative Robert Maruszewski.
"Nothing will change. The company will still build stairs. We are going to help Duvinage grow by bringing in capital and ideas," Maruszewski said.
The Washington, D.C., firm will replace Duvinage's current seven-member board with a four-person board that will include three Key Bridge representatives and Bill Sanders, Duvinage's current president. Five of the company's current board members will resign in December when the board is dissolved, Sanders said.