Mangrove Equity Partners has acquired Dixie Diamond, a manufacturer of consumable diamond blades and diamond core bits. The acquisition of Dixie Diamond by Mangrove closed in December 2015.
Dixie Diamond’s blades and bits are used by companies operating in the road repair, infrastructure and commercial construction markets. The company’s products are used for wet cutting and dry cutting of nearly any material, including asphalt, metal, concrete, brick, masonry, tile, and stone. In addition to regular diamond core bits and saw blades, Dixie Diamond also offer specialty supplies including diamond cup wheels, ductile iron blades and diamond wires. The company’s products are sold through over 750 distributors in 35 states. Dixie Diamond is headquartered near Atlanta in Lilburn, GA (www.dixiediamond.com).
Dixie Diamond has been a family owned-business since its founding in 1969. In 1995, Greg Wolters (President) and Garrett Wolters (Chief Operating Officer) became the third-generation to own the business when they acquired the company from their uncles. Greg and Garrett Wolters will continue to lead the company’s day-to-day operations in partnership with Mangrove.
Mangrove Equity Partners invests in lower middle-market companies that are active in the following sectors: industrial products manufacturing, consumer products manufacturing, industrial services, and distribution. The firm is based in Tampa (www.mangroveequity.com).
TCF Capital Funding provided $7.1 million of secured financing to support Mangrove’s investment in Dixie Diamond. “We are excited to expand our existing relationship with Mangrove by supporting its investment in Dixie Diamond with a senior secured credit facility. The company is well positioned in the infrastructure market place and has a great management team,” said TCF Capital Funding Senior Vice President Ed Ryczek. The firm is based just outside of Chicago in Burr Ridge, IL (www.tcfcapitalfunding.com).
© 2016 Private Equity Professional • 2-10-16