Blackthorne Partners has acquired Hughes Company, a food processing equipment manufacturer. Blackthorne partnered with business executive Ross Lund on the transaction and he has become president and chief executive officer of the company which was renamed Hughes Equipment Company upon closing of the transaction. Jeff Powell, the former president and owner, will retain an interest in the company and serve as a consultant to Mr. Lund.
Hughes Equipment Company was founded in 1961 and is a manufacturer and distributor of stainless steel equipment used in the food processing industry. Products include standard and customized equipment for vegetable, pasta, rice, fruit and root crop processing and preparation. The company has a 60,000-square-foot facility located near Madison in Columbus, WI (headquarters) (www.hughesequipment.com).
“Hughes Equipment Company has an impressive lineup of highly reliable products, unparalleled customer service, and an incredibly talented staff,” said John Syburg, a managing director at Blackthorne Partners. “We are confident we can build on that great foundation and meet our customers’ needs to an even greater degree.”
Blackthorne Partners invests in companies based in the upper Midwest that have $4 million to $15 million in revenues and EBITDA of at least $1 million. Sectors of interest include outsourced business services, light manufacturing, and value-added distribution. Blackthorne Partners is headquartered in near Milwaukee in Brookfield, WI (www.blackthornepartners.com).
“We have aggressive growth goals for the Hughes, which I know we can achieve based on the company’s existing staff of highly skilled and dedicated employees, our existing manufacturing technology, and the new resources we will bring to the operation,” said Mr. Lund. “Through investments in our people and in technology, we will help our customers become even more productive.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-27-14