Benford Capital Partners (BCP) has acquired R.M. Young Company, a manufacturer of meteorological instrumentation.
R.M. Young’s products include equipment used to measure wind speed and direction, temperature, humidity, precipitation, pressure, visibility, and other environmental parameters. Specific company products include ultra-sonic and propeller anemometers, temperature and relative humidity sensors, radiation shields, humidity sensors, rain gauges, barometers, and programmable displays and accessories.
R. M. Young, led by President Tom Young, was founded in 1964 and is headquartered in Traverse City, Michigan.
“BCP has a long track record of successfully building industrial technology companies and I’m confident they will be an excellent partner to R.M. Young in this next chapter,” said Mr. Young. “We look forward to leveraging BCP’s investment experience in related industrial technology and family-owned businesses to continue growing the company and better serving our loyal customers.”
“Over the last 60 years, Tom and his team have built one of the global leaders in meteorological instrumentation,” said Edward Benford, the managing director at BCP. “We look forward to maintaining the company’s legacy while working in partnership with the management team to expand upon this successful foundation.”
Chicago-based Benford invests in lower middle-market companies that have revenues from $5 million to $150 million and EBITDA from $2 million to $15 million. Sectors of general interest include industrial technology, food and consumer, agriculture products and services, B2B e-commerce, niche manufacturing, value-added distribution, and outsourced business services.
Post closing, BCP and R.M. Young intend to expand the company’s sales and marketing resources and product portfolio; and is actively pursuing add-on acquisitions of complementary industrial technology instrumentation and sensor companies.
“We are excited to combine the experience of the BCP and R.M. Young teams and work together to drive continued product and customer growth in the coming years,” said Cormac Kelly, a vice president at Benford.
The buy of R.M. Young is the 5th platform investment for Benford’s $200 million second fund which closed in May 2022 at its hard cap, and is the firm’s 18th industrial technology investment.
© 2024 Private Equity Professional | April 17, 2024
