The Pohlad family has acquired PaR Systems, a maker of robotic automation and material handling equipment, from MML Capital Partners which acquired the company in July 2008 from American Capital.
PaR’s robotic automation and material handling equipment are used in the aerospace, medical device, marine/defense, nuclear and industrial markets. The company’s products range from the very large to small scale. On the large side of the spectrum, PaR created a remote robotic application to facilitate the nuclear handling and decommissioning of the Chernobyl Unit 4 reactor and sarcophagus following the 1986 nuclear accident in Ukraine. More recently, PaR Systems undertook a similar project at the Fukushima nuclear site affected by the 2011 earthquake in Japan. On the other end of the spectrum, PaR supports medical device manufacturers by designing and building automation equipment for the manufacturing of small products that are often inserted into the human body.
The majority of PaR’s 380 employees are based in three US locations: near Minneapolis in Shoreview and Oakdale, MN; and south of Savannah in Brunswick, GA. The company was founded in 1961 and is headquartered in Shoreview, MN (www.par.com).
“We want to invest in companies that make a difference now and in the future,” said Robert Pohlad. “PaR Systems not only fits that criteria but allows us to expand into a new business line that we believe has great long-term potential. And it’s headquartered right here in our own backyard – sharing the same heritage and values.”
The Pohlad family’s operating companies include United Properties, NorthMarq Capital and Carousel Motor Group amongst others, and span several industries, including the automotive, real estate investment and development, radio and media, high-end jewelry and commercial real estate finance industries. The Pohlad family also owns Major League Baseball’s Minnesota Twins (www.pohladcompanies.com).
“Through the entire process of getting to know the Pohlad team, it has become clear to the senior team at PaR that the Pohlad family has the same high expectations and values as the people at PaR,” said Mark Wrightsman, President and CEO of PaR Systems. “We are excited to be joining forces with this great team to achieve our long-term vision of all of the companies in our chosen market segments recognizing PaR as ‘a Trusted Partner’ for their automation needs.”
MML Capital Partners, the seller of PaR, invests from €10 million and €50 million in private businesses for expansion, acquisitions, recapitalizations and management buyouts. The firm has offices in London, UK; Stamford, CT; and Paris, France (www.mmlcapital.com).
© 2017 Private Equity Professional | November 2, 2017
