Hanover Partners has announced the purchase of Quick Attach Attachments and related companies (“Quick Attach”), a designer, manufacturer, and marketer of attachments for skid-steers and other similar equipment.
“We were particularly impressed with Quick Attach’s strong financial performance through the recent recession, a testament to the quality of the company’s talented management team. We are excited to partner with Todd and his team to support the company’s substantial growth opportunities. Our acquisition of Quick Attach is another example of Hanover’s long-standing focus on investing in market leading, proprietary product companies,” said Andrew Ford, Principal with Hanover Partners.
Quick Attach is a designer, manufacturer, and marketer of attachments for skid-steers, mini skid-steers, compact tractors, utility terrain vehicles, and all terrain vehicles. The company has developed over 90 different attachments sold direct to end-users and, under a separate brand, through a dealer network. The company’s attachments are designed to universally fit across all major machinery platforms such as Bobcat, CNH, Caterpillar, and John Deere and are used for numerous applications such as landscaping, agriculture, snow removal, excavation, and light-construction. The company has 90 employees and was founded in 2002. Quick Attach is headquartered in Alexandria, MN (www.quick-attach.com).
Hanover Partners acquisition of Quick Attach was completed with financing provided by Northstar Mezzanine Partners (www.northstarcapital.com). A significant re-investment was also made in the transaction by the company’s founders, Todd and Amber Olson, and Mr. Olson will remain with the company as President and CEO.
“We are thrilled with the new opportunities that Hanover Partners and Northstar provide to Quick Attach. Both investors have a consistently strong track-record of helping build and grow medium-sized niche manufacturing companies. We look forward to working together as we continue to create and build innovative products in our core and new markets, invest in and expand our manufacturing operations, and continue to give our customers the highest-quality service in the industry,” said Mr. Olson.
Hanover Partners invest in lower middle-market manufacturers with highly engineered products, as well as consumer products and business services companies, with operating income from $1.5 million to $8 million. With the addition of Quick Attach, Hanover’s current portfolio consists of six companies located across the United States. The firm has offices in Oswego, OR and San Francisco, CA (www.hanoverpartners.com).
PEPD 8-13-12
