Laguna Tools, a portfolio company of Hudson Ferry Capital, has acquired Dake Corporation from JSJ Corporation.
Dake is a manufacturer of presses, bandsaws and other machine tools used in the metalworking industry. The company was founded in 1887 and is based in Grand Haven, Michigan. The company was acquired by JSJ in 1940.
Irvine, California-based Laguna Tools manufactures wood, plastic and metalworking CNC machinery which the company sells directly to is customers. The company also sells band saws, table saws, edge banders, lathes, dust collectors and other woodworking equipment to retailers including Woodcraft and Rockler Woodworking. Laguna Tools was founded in 1983 by Torben Helshoj and today is led by CEO Stephen Stoppenbrink.
“We are thrilled to add a company with Dake’s pedigree to the Laguna Tools portfolio,” said Mr. Stoppenbrink. “From its craftsmanship to its culture, we believe Dake is an excellent addition to our company and further demonstration of our commitment to continued investment in our industry-leading product lineup.”
“Dake has a great brand and product line that instantly bolsters Laguna’s presence in the metalworking industry. We look forward to building off Dake’s success as Laguna continues to expand in metalworking,” said Bruce Robertson, a partner at Hudson Ferry.
The buy of Dake is the second add-acquisition for Laguna since being acquired by Hudson Ferry in March 2016. In September 2017, Laguna Tools acquired St. Joseph Tools (DBA SuperMax Tools) from its owner Bill Schroeder. SuperMax is a St. Paul, Minnesota-based maker of drum, brush and combination sanders that are used in the woodworking and metalworking industries. The company also sells accessory products such as dust collectors, abrasives and brushes.
JSJ Corporation, the seller of Dake, is a privately held, Grand Haven, Michigan-based manufacturing company that was founded in 1919 by Alvin Jacobson, B.P. Sherwood, and Paul Johnson. Today the company is led by its Chairman and CEO Nelson Jacobson (grandson of Alvin Jacobson).
With the sale of Dake, the remaining operating businesses of JSJ include GHSP, a Grand Haven, Michigan-based supplier of mechanical and electromechanical systems to the automotive, transportation, and appliance industries (founded by JSJ in 1924); Hudson Technologies, an Ormond Beach, Florida-based maker of stainless steel and titanium metal cases and diaphragms used in the medical, aviation, aerospace and defense, semiconductor, and commercial industries (acquired in 1984); McLoone, a La Crosse, Wisconsin-based manufacturer of metal and polycarbonate labels, decals, and nameplates (acquired in 1980); and Sparks Belting, a Grand Rapids, Michigan-based conveyor belt fabricator and motorized pulley manufacturer and distributor (acquired in 1982).
Hudson Ferry invests in companies with enterprise values of $15 million to $50 million, revenues of $15 million to $75 million, and EBITDAs of $3 million to $8 million. Sectors of interest include niche manufacturers; business services providers; and outsourcing providers. Hudson Ferry was founded in 2007 and is based in Rye Brook, New York.
CIBC Bank USA provided senior debt financing to support this add-on acquisition. Grand Rapids-based Charter Capital Partners was the financial advisor to JSJ on this transaction.
© 2019 Private Equity Professional | December 9, 2019
Blue Point Capital Partners has acquired Mattco Forge, a maker of forged metal products used primarily for aerospace and defense applications.
“Blue Point sees a significant opportunity to grow the Mattco platform,” said Mark Morris, a partner at Blue Point. “Together with management and our extensive aerospace and defense operating resources, we hope to expand the company’s production capabilities, improve its supply chain management and enhance its business infrastructure, all while maintaining Mattco’s best-in-class track record of customer service and execution.”
“Mattco has strategically positioned itself as a key supplier of forged metal products in the aerospace and defense industry. With a focus on innovative engineering, quality, continuous improvement and world-class customer support, Mattco has become the supplier of choice for industry leaders across the globe. Given our experience and resources, it’s a natural fit,” said Charley Geiger, a principal with Blue Point.
Grammer Industries, a portfolio company of Stellex Capital Management, has acquired LiMarCo Logistics.
Grammer was founded in 1968 by Charles “Shorty” Whittington in Grammer, Indiana as an over-the-road transporter of grain and dry fertilizer serving the agricultural industry in Southeast Indiana. Today, the company is headquartered in Columbus, Indiana and has 20 facilities located near major chemical production hubs across the United States. Grammer’s operating equipment includes a fleet of 350 tractors and 850 specialty trailers that are operated by over 500 drivers and owner-operators that support more than 2,000 delivery points and over 500 customers.
Leonard Green & Partners has held final closings of the firm’s eighth private equity fund, Green Equity Investors VIII LP (GEI VIII), with $12 billion of capital; and its inaugural dedicated middle-market fund, Jade Equity Investors LP (Jade), with $2.75 billion of capital. Both funds were oversubscribed and closed at their hard caps.
“We are sincerely grateful to our longtime investors for their continued support and are pleased to welcome our new investors into the LGP community. Our investor base represents a diverse group of institutions and their constituents globally, with limited partners in GEI VIII and Jade spanning over 20 countries,” said Erika Spitzer, a partner at LGP who leads the firm’s capital raising and investor relations efforts.
