Benford Capital Partners has acquired Specialty Sales, a provider of automated hoof bath systems and preventative hoof care treatment products to commercial dairies.
Specialty Sales operates a “razor/razor blade” business model by installing and servicing its hoof bath systems and then selling and delivering its proprietary liquid chemical solution blends on a recurring basis. The company’s hoof care systems reduce the incidence rate of hoof disease, a significant cause of economic loss at commercial dairies. Specialty Sales was founded in 1999 and is headquartered in Fresno, CA.
“Specialty Sales is an exceptional company and a compelling investment opportunity; it’s a true niche market leader delivering a unique set of products and solutions to a large and growing customer base,” said Ben Riefe, a Managing Director at Benford Capital.
Under Benford Capital ownership, the company will be led by current Vice President of Sales, Don Alsup, and Vice President and Controller, Lisa Lincoln. Both Mr. Alsup and Ms. Lincoln are long-time dairy industry executives who have been with Specialty Sales since 2001. Founder Greg Petersen will remain active with the company as a consultant and board member. “The Specialty Sales team has been performing at a high level for many years, and I look forward to leading the company in its next phase of success,” said Mr. Alsup. “We will build upon the exceptional foundation in place with support from Benford Capital, who is committed to the long-term growth and success of the business.”
Benford Capital invests in lower middle market companies that have revenues of at least $3 million and EBITDA of at least $1 million. Sectors of interest include niche manufacturers, unique service companies, and specialty distributors. The firm was founded in 2004 by Edward Benford and is based in Chicago (www.benfordcapital.com).
© 2018 Private Equity Professional | April 4, 2018