CenterGate Capital has made an investment in Naumann/Hobbs, a provider of material handling equipment and services.
Naumann/Hobbs’ products include electric and internal combustion forklifts; pallet racks, conveyors, and industrial shelving units; and replacement parts with more than 50,000 parts in stock for all makes and models of equipment.
The company also provides 24/7 equipment maintenance and repairs; rents forklifts, aerial lifts, and industrial carts; and provides OSHA-mandated and technical training classes. Naumann/Hobbs, founded in 1949 and led by CEO Tom Hobbs, operates through a network of seven locations across the southwestern United States and is headquartered in Phoenix.
“We are excited about our partnership with CenterGate and it will allow us to continue to provide exceptional service to our customer base,” said Mr. Hobbs. “CenterGate’s investment will provide us the capital and strategic resources to continue to grow our market presence and geographic reach.”
“We are excited to partner with Tom and the entire Naumann/Hobbs team,” said Jeff Kovick, a principal at CenterGate. “The company has a long track record of success, and we look forward to working with the team to execute the vision for the future and continue that trajectory.”
CenterGate invests in lower middle-market companies that have from $20 million to $250 million of revenue and up to $20 million of EBITDA. Sectors of interest include business services, industrials, energy services, consumer, and healthcare. In December 2016, the firm held an above target and oversubscribed final closing of CenterGate Capital Partners I LP with $350 million of capital commitments. CenterGate is headquartered in Austin, TX.
© 2019 Private Equity Professional | September 9, 2019