Graycliff Partners has sold Ballymore Safety Products, a maker of safety-centric products, to One Equity Partners (OEP).
Ballymore is a manufacturer of steel, aluminum, and stainless steel rolling safety ladders, lifts, work platforms, fall protection systems, portable loading docks, lift tables, conveyors, stackers, and reach tools. The company’s products, most commonly used in retail and industrial environments, are sold through more than 1,800 industrial products distributors.
Ballymore, headquartered near Philadelphia in Coatesville, Pennsylvania, and led by CEO Bill Frame, was founded in 1945 and today operates six facilities in the United States with more than 270 employees.
Graycliff, through its $350 million fourth fund, acquired Ballymore in February 2021 from Osage Partners.
During Graycliff’s three-year ownership term, Ballymore closed two add-on acquisitions and executed on several operating and marketing initiatives including building out the company’s senior management team, bringing the company’s product development function in-house, and a rebranding to better reflect the company’s wide range of workplace safety products and services.
“Graycliff’s support and guidance were integral in getting us to where we are today,” said Mr. Frame. “The improvements we’ve made to our product offering, talent, branding, and operations have given us the tools to grow into a true market leader and full-scale provider of safety solutions across North America. We look forward to partnering with OEP to achieve this vision.”
Ballymore’s two add-on acquisitions under Graycliff’s ownership were the buys of Tri-Arc, a Pittsburgh-based maker of mobile ladders and work platforms, in August 2021; and Material Handling Holdings (MMH), a Wisconsin-based maker of lift tables, tilt tables, up-enders and electric carts, in August 2023. MMH was acquired from Borgman Capital which had formed the company in June 2018 to acquire Wisconsin-based Solution Dynamics, Lift Products, and Derco Manufacturing.
“We are proud of all we have accomplished over the last three years, which could not have been done without the hard work and dedication of Bill and the team at Ballymore and their unwavering focus on safety, quality, innovation, and partnership,” said Brandon Martindale, a partner at Graycliff. “We believe Ballymore is well positioned to continue its growth trajectory, and we look forward to seeing what the team will achieve with OEP’s support.”
One Equity Partners (OEP) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Typical equity investments range from $30 million to $300 million.
In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. The new fund was oversubscribed and closed above its increased hard cap. OEP, with offices in New York, Chicago, Frankfurt, and Amsterdam, spun out of JP Morgan in 2015 and has closed more than 300 transactions worldwide since its founding in 2001.
“Companies are increasingly looking for innovative technologies and solutions that ensure worker safety and enhance productivity,” said Steve Lunau, a partner at OEP. “Ballymore has a longstanding reputation, developed organically and through strategic M&A, for developing and delivering high quality and innovative workplace solutions. This investment exemplifies OEP’s focus on identifying strong businesses with significant growth potential that can serve as a platform for growth through transformational M&A.”
“Ballymore’s industry is experiencing tailwinds from the re-shoring of industrial activity in the U.S. and an increased focus on employee safety for a workforce,” added Mario Ancic, a principal at OEP. “Together, these dynamics create an opportune market environment to support Ballymore’s growth as companies seek to enhance employee retention, drive productivity, and limit time loss due to injury.”
New York City-based Graycliff invests from $10 million to $50 million of control equity in companies with revenues of $10 million to $200 million and EBITDA of $4 million to $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution.
Fairmount Partners and BlackArch Partners were the financial advisors to Graycliff and Ballymore on this transaction.
© 2024 Private Equity Professional | April 19, 2024
