KPS Capital Partners this week announced that, through a newly formed company, International Equipment Solutions and its affiliates, it has entered into definitive agreements to acquire Paladin Brands Holding and Crenlo LLC from Dover Corp. 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 Bradco, McMillen, FFC, Sweepster, Harley, JRB, C&P, and CustomWorks. Paladin Demolition and Recycling, through its Genesis brand, serves the demolition and metal recycling markets. Paladin Utility, through its Pengo brand, provides augers and related tools for utility and foundation drilling markets. Paladin Custom Material Handling, through its Jewell brand, provides custom excavator packages for demolition, forestry and material handling markets.
Crenlo is a North America provider of steel cabs and roll-over protective structures and electronics enclosures. In the operator interface cab segment, Crenlo serves OEM customers in the construction, mining, agriculture and specialty truck markets. Crenlo, through its Emcor brand, also manufactures electronic enclosures. Emcor provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.
"We are very excited to create International Equipment Solutions,” said Raquel Palmer, a KPS partner. “We intend to grow IES aggressively both organically and through acquisition in North America and globally."
The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.
"Our 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,” said David Burdakin, president and CEO of Paladin. “We will remain focused on providing our customers with industry-leading products and unsurpassed service."
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and International Equipment Solutions LLC and its affiliates.