Paladin Brands Holding, Inc. (â€śPaladinâ€ť) today announced that KPS Capital Partners, LP (“KPS”), through a newly formed holding company, International Equipment Solutions, Inc. (â€śIESâ€ť), has entered into a definitive agreement to acquire Paladin and Crenlo LLC (â€śCrenloâ€ť) from Dover Corporation. Financial terms of the transaction were not disclosed.
Paladin is an independent North American provider of engineered attachment tools for operator-driven equipment serving a wide range of markets. Paladin operates four business units, each focused on specific markets and products. Paladin Construction Group serves the construction, landscaping, agriculture and aviation markets under industry leading brands, including BradcoÂ®, McMillenÂ®, FFCÂ®, SweepsterÂ®, HarleyÂ®, JRBÂ®, C&PÂ® and CustomWorksÂ®. Paladin Demolition and Recycling, through its GenesisÂ® brand, serves the demolition and metal recycling markets.Â Paladin Utility, through its PengoÂ® brand, provides augers and related tools for the utility and foundation drilling markets.Â Paladin Custom Material Handling, through its JewellÂ® brand, provides custom excavator packages for the demolition, forestry and material handling markets.
Crenlo is a North American provider of steel cabs and rollover protective structures (ROPS) and electronics enclosures for customers serving a wide range of markets.Â In the operator interface cab segment, Crenlo serves world-class OEM customers in the construction, mining, agriculture and specialty truck markets. Crenlo, through its EmcorÂ® brand, provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.
David Burdakin, President of Paladin, said, â€śOur entire team at Paladin is pleased to move forward under KPS and excited about their commitment to manufacturing excellence and to supporting our future growth.Â We will remain focused on providing our customers with industry leading products and unsurpassed service.â€ť
Raquel Palmer, a KPS Partner, said, â€śWe are very excited to create International Equipment Solutions. IES, by acquiring Paladin and Crenlo, launches as the premier international engineered equipment manufacturer, with an industry leading portfolio of brands and an exceptionally strong reputation for quality, durability, delivery, product support and product innovation. We intend to grow IES aggressively both organically and through acquisition in North America and globally. The combination of the companyâ€™s exceptional operational expertise and strong customer relationships, combined with financial resources provided by KPS, will facilitate IESâ€™s global expansion, especially in China, India and South America.â€ť
The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.
ABOUT PALADIN BRANDS
Paladin Brands designs, engineers and manufactures attachment tools for heavy and light equipment with applications in the construction, agriculture, demolition, recycling, landscaping, aviation and utility end-markets.Â Paladinâ€™s industry leading brands include BradcoÂ®, McMillenÂ®, FFCÂ®, SweepsterÂ®, HarleyÂ®, JRBÂ®, C&PÂ®, CustomWorksÂ®, GenesisÂ®, PengoÂ® and JewellÂ®.Â The companyâ€™s products include buckets, couplers, trenchers, shears, augers, brooms, forks, grapples and many other attachment tools.Â Paladinâ€™s customers include major international OEMs, independent and OEM-aligned dealers, and national equipment rental businesses.Â The company has approximately 1,000 employees across 12 facilities in Iowa, Ohio, Michigan, Wisconsin, Minnesota, North Carolina, Tennessee, Oregon and Memmingen, Germany.Â For more information, please visit www.paladinbrands.com.