Justrite Manufacturing Company, a portfolio company of Baird Capital Partners (BCP), has acquired Basic Concepts, a manufacturer of spill containment products.
Basic Concepts manufactures secondary containment systems that are used for chemical and oil spill containment in industrial and military applications. The company’s products are used for emergency spill response, portable containment, and long term storage applications. Basic Concepts was founded in 1998 and is headquartered in Anderson, SC (www.basicconcepts.com).
“Basic Concepts creates durable and versatile spill containment products to help customers meet and exceed good manufacturing practices and regulatory requirements,” said Justrite CEO Mark McElhinny. “This acquisition allows us to further build out our product line and continue offering dependable solutions to our customers.”
Justrite, acquired by Baird in July 2011, is a designer and manufacturer of safety products for the handling and storage of flammable and hazardous liquids. The company’s products which include safety cabinets, safety cans, spill containment systems, and related accessories, are sold through a network of 1,700 North American and international distributors. Justrite was founded in 1906 and is headquartered in the Chicago suburb of Des Plaines, IL (www.justritemfg.com).
“We have actively followed a number of safety products companies for the past few years and believe Justrite is well positioned in the sector,” said Andrew Brickman, a Partner in Baird Capital’s U.S. private equity group. “The focus on providing safe work environments domestically and globally is driving an increase in the demand for safety products. We believe Justrite is a strong platform business with a great team and well-known brands that can capitalize on this demand and continue the consolidation in the sector. We are excited to partner with Justrite in driving the company’s next stage of growth.”
Baird Capital, the direct private investment arm of Robert W. Baird & Co., invests in lower middle-market companies in the manufactured products, healthcare and business services sectors. The firm invests from $15 million to $35 million in companies with enterprise values of $25 million to $125 million and EBITDAs greater than $5 million. Baird Capital was founded in 1989 and is based in Chicago (www.bairdcapital.com).
“As organizations continue to create safe workplaces and adhere to strict environmental regulations, we believe Justrite answers a critical market demand,” said Mr. Brickman. “This acquisition helps Justrite build on its position as a leading provider in the safety products industry.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-28-14
