Garfield Truss Systems, Inc. has been sold to the Oxford Group, a Ramsey, Minnesota-based private equity firm.

The deal closed on July 30, according to Sunbelt, the state's largest seller of companies, which structured and negotiated the transaction.

Garfield Truss Systems of Garfield has eight employees and has been in business since 1976.

The Oxford Group uses an innovative proprietary scoring rubric for evaluating potential business acquisitions, and Garfield Truss scored the highest of any business the private equity group has evaluated — 20 out of 25 points. The scoring rubric, which uses a point system ranging from -5 to +5, quantifies categories such as EBITDA, proximity to the Twin Cities, potential for the Oxford Group to have an impact, and prior Oxford Group experience in the industry, among others.

“Once we applied our scoring rubric to the dozens of potential business acquisitions presented to us, we were quick to make a decision,” said Brian Swanson, CEO of the Oxford Group in an e-mail. “Also, we just had a great support team for us who had never done this before. I think we had the best team possible.”

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“The former owners of Garfield Truss are ready to take a step back and move towards retirement,” said Mike Wheelock, a mergers and acquisition advisor for Sunbelt. “They have agreed to continue to be on site to provide transitional leadership for another three years. It is a very positive situation for everyone involved.”

“It is important to us to strive towards developing leadership from among the current Garfield Truss Systems team,” said Swanson. “Building on the good of the past and developing from within—that’s the kind of operating philosophy we want to bring to each deal we do. During the transition, Kaitlin Palermo of the Oxford Group will serve as the CEO of Garfield Truss Company.”