Grey Mountain Partners has acquired Mann Lake, the largest supplier of beekeeping products in the United States. The management team of Mann Lake co-invested in this transaction alongside Grey Mountain.
Mann Lake is the market leader in the beekeeping supply market selling wood products, plastic products, feeds, tools, medications, and apparel to commercial and hobbyist beekeepers throughout the US.
Mann Lake, founded in 1983, is headquartered 145 miles west of Duluth in Hackensack, MN and has additional facilities in Woodland, CA; Marshall, TX; and Wilkes-Barre, PA (www.mannlakeltd.com). The company also owns and operates D&I Pure Sweeteners, a Woodland, CA-based supplier of granulated, bulk, industrial, and wholesale sugar (www.dipuresweeteners.com).
At closing of the transaction, COO Stuart Volby was promoted to CEO of Mann Lake. “We are excited to partner with Grey Mountain in the next stage of our growth,” said Mr. Volby. “Grey Mountain shares our excitement for the beekeeping industry. We look forward to their support as we execute on an array of growth opportunities in our core beekeeping market and beyond.”
Shortly after completing the management buyout, Mann Lake acquired Clarkson, KY-based Kelley Beekeeping (www.kelleybees.com) from North Branch, MN-based Frandsen Corporation, a privately held group of businesses owned and operated by Dennis and Greg Frandsen. As part of the Kelley acquisition, Mann Lake has struck an agreement with Frandsen-owned Miller Manufacturing, an Eagan, MN-based manufacturer and distributor of products for the farm, ranch, and pet industries, to sell Miller’s beekeeping supplies through Mann Lake’s distribution chain.
“Mann Lake has established itself as the leading supplier of beekeeping products in the US with a relentless focus on quality and customer service,” said Rob Dellinger, a Vice President at Grey Mountain. “We believe that Grey Mountain’s growth capital and operational support will allow the company to better serve both new and existing customers while rapidly expanding into adjacent markets.”
Grey Mountain is currently investing from its $425 million third fund, which was raised in 2013, and invests up to $75 million in control acquisitions of companies with enterprise values between $30 million and $150 million. Sectors of interest are varied and include building products and materials; diversified manufacturing; financial services; food and beverage; health and wellness; industrial technology; packaging; professional services; specialty chemicals; transportation and logistics; and wholesale distribution.
Grey Mountain was founded in 2003 by Managing Partners Rob Wright and Jeff Kuo and is based in Boulder with additional offices in Minneapolis and Pittsburgh (www.greymountain.com).
© 2018 Private Equity Professional | November 15, 2018
Audax Private Equity has acquired a controlling interest in Colony Hardware. Tailwind acquired Colony from AEA Investors in October 2015. Both Tailwind and the company’s management team are maintaining an equity interest in the business.
“Colony is a leader in the consumable construction tools, safety equipment, and jobsite supply market,” said Geoffrey Rehnert, Co-Chief Executive Officer, Audax Group. “We believe the company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Michael and the entire Colony team to continue growing the business organically and through acquisitions.”
Audax makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Since founding in 1999, Audax has invested $5 billion in 118 platform and 715 add-on companies. The firm has offices in Boston, New York and San Francisco (
Tailwind invests from $25 million to $100 million of equity in middle-market companies that have enterprise values of up to $300 million and EBITDA from $10 million to $30 million. Sectors of interest include healthcare, business services and industrial services. Since its founding in 2003, Tailwind and its portfolio companies have completed over 95 acquisitions. The firm currently manages over $3 billion of committed equity capital and is based in New York (
BEI Precision Systems & Space Company, a portfolio company of J.F. Lehman since May 2017, has acquired Thistle Design Limited.
BEI Precision Systems & Space Company (BEI) designs and manufactures highly accurate optical encoders, accelerometers, infrared optical scanners and encoder-based motion control systems that are used in military, space, aviation, and range instrumentation applications. Over 90% of all optical encoders currently flying in space are BEI encoders. The company traces its roots back to 1862 when it was founded as the D.H Baldwin Company, a manufacturer of pianos. BEI is headquartered near Little Rock in Maumelle, AR (
J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded in 1992 by Dr. John Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has acquired 65 operating entities within 25 platform investments with an aggregate transaction value of approximately $3.1 billion. The firm is headquartered in New York with an additional office in Washington, DC (
