Blue Sage Capital and Hanover Partners have acquired Ligchine International Corporation.
Ligchine International is a designer, manufacturer and marketer of laser-guided boom operated concrete screeds which are used by its customers to provide concrete floor flatness and levelness. The company’s products utilize both global positioning (GPS) and local positioning (LPS) systems and are sold under the ScreedSaver brand name.
Ligchine International, founded by Gary and Peter Ligman in 2007, has manufacturing facilities in Darien, WI and an additional headquarters facility near Louisville in Floyds Knobs, IN (www.ligchine.com).
“We are excited to partner with Blue Sage and Hanover to accelerate our company’s growth trajectory,” said Gary and Peter Ligman in a released statement. “Both Blue Sage and Hanover have a strong track record leveraging their strategic and financial resources to help founder-owned businesses reach their full potential. We believe the investment will enable us to reach more customers while elevating our already top service levels.”
“Ligchine is the prototypical Blue Sage investment,” said Eric Weiner, a Partner at Blue Sage. “Ligchine is a family business with significant market leadership and multiple avenues for growth.”
Blue Sage specializes in growth, recapitalization and buyout financings of smaller middle-market companies. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $3 million to $12 million of EBITDA. Blue Sage invests in a variety of industries, with each initial investment in a company ranging from $10 million to $20 million. The firm is based in Austin, TX (www.bluesage.com).
“Ligchine continues Hanover’s nearly 25-year tradition of investing in engineered product manufacturers serving niche markets,” said John Palmer, a Principal at Hanover. “We look forward to supporting the company’s impressive growth and scaling its sales worldwide.”
Hanover Partners makes control investments in lower middle-market companies that are active in the specialty equipment, industrial equipment, niche branded consumer products and non-consumer software sectors. Typical targets will have enterprise values of $8 million to $60 million, revenues of at least $8 million, and adjusted EBIT of $1.5 million to $8 million. Hanover was founded in 1994 by John Palmer and Andrew Ford and has offices in the Portland suburb of Lake Oswego and in San Francisco (www.hanoverpartners.com).
© 2018 Private Equity Professional | August 1, 2018