Fairbank Equipment, a portfolio company of Pfingsten Partners, has added on with the acquisition of Big W Sales.
Big W is a distributor and manufacturer of agricultural parts, components, trailers, tanks and equipment and, according to Big W, is one of the largest suppliers of spray and fertilizer application equipment and accessories in the western United States.
In addition to its manufacturing capabilities, Big W is the exclusive distributor for some of the leading manufacturers of spray and fertilizer application equipment in the world including CASE IH, Highway Equipment/New Leader, Adams, and Waconia Manufacturing.
Customers of Big W include farm owners, chemical and fertilizer dealers, cooperatives, farm stores and agricultural equipment dealers. The company, led by President Bud Wunsch and Vice President Ed Wunsch who will continue operating Big W as shareholders of Fairbank, was founded in 1979 by Cliff Wunsch and operates distribution and retail facilities in Stockton (headquarters), Fresno and Salinas, California; and Yuma, Arizona.
“The culture and business philosophy of the Pfingsten and Fairbank leadership teams are consistent with the values and professionalism that we have tried to establish and maintain since our parents started our family business 45 years ago,” said Ed Wunsch.
Fairbank Equipment is a distributor and manufacturer of agricultural and propane parts, components, trailers and equipment with 13 distribution locations in Arizona, California, Colorado, Idaho, Kansas, Missouri, Nebraska, Oklahoma, South Dakota and Washington.
The company’s products are utilized for agricultural nutrient and fertilizer application and propane storage. Fairbank was founded in 1946 by Joe Fairbank and is headquartered in Wichita, Kansas.
The buy of Big W is the second add-on acquisition completed by Fairbank since being acquired by Pfingsten in December 2021 from Great Range Capital. In June 2023, Fairbank acquired G&R Ag Products, an Idaho-headquartered distributor of agricultural parts, components and equipment.
Now, in combination with Big W, Fairbank is one of the largest independent fertilizer and propane parts and equipment distribution companies west of the Mississippi River.
“We are delighted that Fairbank and Big W have joined forces, creating a powerful alliance in the agricultural sector,” said Joel Edwards, the chief executive officer of Fairbank. “This is a significant step forward in our commitment to the industry by expanding our footprint into 10 states, including the largest agricultural state in the nation – California.”
Chicago-based Pfingsten invests in middle-market manufacturing, distribution, and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. In October 2023, the firm held an above target, oversubscribed, and hard cap close of its sixth investment fund, Pfingsten Fund VI LP, with $435 million in capital.
DCA Partners was the financial advisor to Big W on this transaction.
© 2024 Private Equity Professional | March 8, 2024
