Graycliff Partners has acquired Boss Industries, a manufacturer specializing in power take-off and engine-driven air technology, from Wynnchurch Capital.
Boss’ products include integrated air compressors, generators, spray coating and vapor recovery systems that are used in construction, firefighting, military, tire service, mechanics trucks, railroads, and mining applications. As examples, many of the company’s products are used to power tools that need constant air pressure (jackhammers) and tools that require intermittent air pressure (wrenches and drills).
Boss, led by CEO Todd Hudson, was founded in 1988 and is headquartered 70 miles southeast of Chicago in La Porte, Indiana.
“I’m excited about the prospects for Boss and the partnership with the team at Graycliff, who have been steadfast in their commitment to maintaining our culture of innovative engineering and customer-focused product development,” said Mr. Hudson.
“Boss is a great industrial products business that clearly serves an important place in the market as a partner to some of the largest vehicle upfitters and fleet managers in North America,” said Andrew Trigg, a managing partner at Graycliff. “We are thrilled to partner with Todd and his team and be part of the impressive growth trajectory at Boss.”
Wynnchurch acquired Boss in January 2019 from Strait Lane Capital Partners which had purchased the business in July 2014.
“Boss represented a unique opportunity to acquire a market leader with innovative products, unmatched dependability and first-rate customer service,” said Paul Ciolino, a partner at Wynnchurch. “Boss’ asset light manufacturing platform allowed the company to drive significant value and flexibility for customers.”
In November 2021, Wynnchurch added-on to Boss with the buy of HIPPO Multipower, a Kansas City-based provider of mobile multipower systems that provide power for hydraulic, air, electric or welding equipment. The company’s customers include industrial companies, utilities, municipalities, and railroads.
“Since Wynnchurch’s acquisition of Boss, we have been proud to partner with Todd and his management to execute on the value creation plan we collectively identified at the start of our partnership,” said Mike MacKay, a principal at Wynnchurch. “We are excited for Todd and his team as they continue to build on the company’s impressive track record.”
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. Graycliff’s latest fund, Graycliff Private Equity Partners V LP, closed at $600 million in October 2023.
“Todd has built a great business, and we’re honored to partner with him and the talented management team at Boss to build on the continued success of the company,” said Will DeBruyn, a principal at Graycliff.
Wynnchurch invests in businesses with revenues between $50 million and $1 billion. The firm’s sectors of interest include aerospace, defense, and government; building products and materials; consumer and food; manufacturing, industrial, and transportation; and business services and distribution.
In January 2024, Wynnchurch closed its sixth private equity fund, Wynnchurch Capital Partners VI LP, with $3.5 billion in committed capital. Founded in 1999, the firm is headquartered near Chicago in Rosemont, Illinois.
D.A. Davidson and Deloitte Corporate Finance were the financial advisors to Wynnchurch and Boss on this transaction.
© 2025 Private Equity Professional | January 9, 2025
