Norwest Equity Partners last week announced that it has sold its portfolio company Paladin Brands Holding, an independent designer, manufacturer and supplier of construction equipment attachments, to Dover Resources, a subsidiary of Dover Corp., a worldwide manufacturer of industrial products. The transaction closed Aug. 30.
"The suite of products and brands that Paladin offers complements our other businesses,” said David Ropp, CEO and president at Dover Resources. “We have been impressed with its growth and performance, as well as its ability to continue to focus on superior customer service."
Headquartered in Cedar Rapids, Iowa, Paladin began operations in 1965 and is a leading independent manufacturer of construction attachment products such as augers, backhoes, trenchers, excavator buckets and mobile shears. The company has 19 manufacturing facilities in Illinois, Iowa, Michigan, Minnesota, North Dakota, Tennessee, Ohio, Oregon, Wisconsin and Mexico. Paladin also has a global sourcing office located in Shanghai, China.
Each of the Paladin brands, Badger, Bradco, C&P, FFC, Genesis, Harley, JRB, Jewell, McMillen, Pengo, Sweepster and The Major, manufacture and distribute broad families of attachments for application in the forestry, light and heavy construction, utility, and utility contractor, demolition and recycling markets. All of the brand products are distributed through a national base of independent dealers, distributors, rental companies and original equipment manufacturers.
Greenhill & Co. LLC served as financial advisor to Paladin, and Faegre & Benson LLP provided legal services to Norwest Equity Partners in this transaction.