Platte River Equity has acquired a controlling interest in Sherrill, a distributor of arborist tools and equipment, from Generation Equity Capital which acquired the company in February 2008.
Sherrill was founded in 1960 and according to Platte River Equity is the largest direct marketer and catalog distributor of arborist tools and equipment in North America. The company’s products include ropes, rigging, tools and hardware, safety equipment, clothing, and tree care equipment and supplies.
Sherrill is led by CEO Tripp Wyckoff and is headquartered in Greensboro, NC (www.sherrilltree.com). “We have had a great partnership with Generation Equity Capital for the last ten years and are looking forward to the next chapter in the company’s growth with a value-added partner like Platte River,” said Mr. Wyckoff.
“We are excited about our partnership with Tripp and the entire Sherrill team,” said Peter Calamari, a managing director of Platte River. “We look forward to working with the company to expand its distribution and digital marketing capabilities to better serve its trade partners and diverse customer base.”
Platte River makes equity investments of $20 million to $100 million in lower middle-market companies with enterprise values between $40 million and $250 million. The firm focuses on investing in the aerospace and transportation; energy and infrastructure; agriculture and chemicals; and metals and minerals sectors. Platte River is based in Denver (www.platteriverequity.com).
“Sherrill’s brand has been synonymous with great customer service and bringing innovative products to market, and we look forward to continuing this long tradition,” said Matt Newill, a vice president of Platte River.
Platte River acquired Sherrill through its fourth fund, Platte River Equity IV LP, which closed in June 2017 at its hard cap of $625 million.
Generation Equity Investors, the seller of Sherrill, invests in small and lower-middle market companies throughout the United States. The firm has offices in Boston and New York (www.generationequity.com).
BMO Capital Markets provided financing to support the buy of Sherrill.
© 2019 Private Equity Professional | January 10, 2019
