MidOcean Partners has made an investment in Cannon Safe to facilitate the acquisition by Cannon of Stack-On Products, a maker of home safes and gun security products.
Cannon Safe has been in business since 1965 and is a manufacturer of large scale safes and personal safes under the company owned brand names Cannon Safe, GunVault and Cannon Security Products. The company is based in Las Vegas (www.cannonsafe.com).
Stack-On Products is a manufacturer of home safes, gun security products, garage storage and organizational products under the Stack-On Products, Sovereign and Sentinel brand names. The company was founded in 1972 and is headquartered near Chicago in McHenry, IL (www.stack-on.com).
The combined business will be led by Aaron Baker, Chief Executive Officer of Cannon Safe, who is maintaining a meaningful stake in the company. “Combining Cannon Safe and Stack-On creates a market leading platform that dramatically expands our presence in the residential safe and secure storage markets under these iconic brands and best-in-class products,” said Mr. Baker.
“Cannon Safe is widely recognized as the leading manufacturer of safe and secure storage products, and we are excited by the long-term potential of the combined business. The growth prospects resulting from a combination with Stack-On are tremendous, given the favorable and resilient market dynamics, an unmatched product portfolio, shared commitment to innovation and a loyal customer base,” said Daniel Penn, Managing Director at MidOcean. “We believe there is a substantial opportunity to expand the secure storage market and we are excited to bring our consumer products expertise and relationships to help the combined business execute and accelerate its operational and strategic initiatives.”
MidOcean invests in middle market companies active in the business and consumer services sectors. The firm was founded in 2003 and is based in New York (www.midoceanpartners.com).
© 2017 Private Equity Professional | August 2, 2017