CenterGate Capital has acquired marine equipment provider RC Rasmussen from Mangrove Equity Partners.
RC Rasmussen specializes in the rental and sale of equipment used in the marine infrastructure market for bridge rehabilitation, dam maintenance, and waterway dredging. The company provides its customers with fleets of specialized winches, sectional floats, decking and rigging gear. Rasmussen is headquartered in Seattle with additional offices in Louisiana, California and Virginia.
“We are excited about our partnership with CenterGate and what it means for our employees, customers, and vendors,” said Dan Ellis, the president of Rasmussen. “CenterGate’s investment will provide us with the capital and strategic resources to continue to grow our capabilities and geographic reach while maintaining our focus on unsurpassed customer service excellence.”
“Dan and the entire Rasmussen team have an impressive track record of growth and a compelling vision for the future,” said Michael Smith, a managing director at CenterGate. “We are excited to partner with Rasmussen to help them continue their success and build a market-leading specialty equipment solutions provider.”
Austin-based 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.
Mangrove acquired RC Rasmussen in February 2018 in partnership with Rick Rasmussen, a 4th generation family-owner, and independent sponsor Hunter Equity Capital.
Tampa-based Mangrove Equity Partners invests in North American-headquartered companies that have revenues from $10 million to $100 million and EBITDA of $2 million to $10 million. Sectors of interest include industrial products manufacturing, consumer products manufacturing, industrial services, and distribution.
Chicago-headquartered Hunter Equity Capital, led by Douglas Smith, invests in North American-headquartered companies with revenues from $5 million to $50 million and EBITDA from $2 million to $15 million. Sectors of interest include basic manufacturing, equipment rental, industrials, and infrastructure.
Oppenheimer & Co. was the financial advisor to Rasmussen on this transaction.
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