Norwest Equity Partners, a leading private equity firm, last week announced another add-on acquisition for its portfolio company Paladin, a leader in construction equipment attachments. Paladin acquired Sweepster LLC, a Dexter, Mich.-based manufacturer and distributor of two leading brands of light construction equipment attachments, Sweepster and FFC. This transaction marks Paladin's fifth acquisition since NEP initially invested in the company in October 2003. The transaction closed Feb. 25, 2005.
This acquisition reflects Paladin's aggressive expansion strategy and goal to become the industry's largest independent manufacturer of full-line attachment products. Sweepster and FFC will become a part of Paladin's Light Construction Group and will join the group's existing leading brands of attachments including, Bradco, McMillen and The Major. Attachments manufactured by the five light construction brands will be sold and distributed through a new sales and product support organization that is being formed by combining inside and outside sales personnel from Sweepster, FFC and Paladin's Light Construction Group.
In addition to the five light construction brands, Paladin also offers other broad families of attachments under leading brands, including JRB, C&P, Badger, Pengo, Genesis and Jewell. In total, the company's products are designed and manufactured in 14 facilities, with more than one million square feet, that are strategically located throughout North America and in close proximity to its key markets.
"The acquisition of Sweepster and FFC significantly enhances Paladin's core strategy to enter multiple markets in the construction industry, specifically, light and heavy construction, utility, demolition, recycling and forestry, and to provide broad families of leading brand attachments to serve each segment of the market," said Bill Van Sant, NEP operating partner and Paladin's chairman and CEO. "This strategy is focused on allowing Paladin's broad customer base to purchase advanced products to fulfill all of their attachment requirements through the Company's national sales and product support organization."
