Mann Lake, a portfolio company of Grey Mountain Partners, has acquired Stromberg’s Unlimited.
Stromberg’s is a provider of supplies and equipment used for the breeding, rearing and management of poultry and small animals. The company’s network of hatcheries and breeders offer over 200 breeds and varieties of birds as eggs, chicks or adults and includes chickens, ducks, geese, quail, swans, turkeys, pigeons and doves.
The family-owned company was founded in 1921 in Fort Dodge, Iowa by Ernst Stromberg. Today, the company is led by Eric Stromberg, great-grandson of the founder. Stromberg’s was previously based in Pine River, Minnesota but has now relocated, just 15 miles north, into Mann Lake’s headquarters in Hackensack, Minnesota.
Mann Lake, the largest supplier of beekeeping products in the United States, sells hive components, beekeeping kits, products for hive and colony maintenance, feeds, tools, medications, and apparel to commercial and hobbyist beekeepers. The company, led by CEO Stuart Volby, was founded in 1983 and is headquartered 145 miles west of Duluth in Hackensack, Minnesota with additional facilities in California, Texas, Pennsylvania, and Florida.
Grey Mountain acquired Mann Lake in November 2018 and then quickly closed the add-on buy of Kentucky-based Kelley Beekeeping. Mann Lake also owns and operates D&I Pure Sweeteners, a California-based supplier of granulated, bulk, industrial, and wholesale sugar; and Shastina Millwork, an Oregon-based maker of wooden bee boxes.
Mann Lake is the market leader in the beekeeping supply space and with the buy of Stromberg’s extends its reach into the large and growing backyard poultry segment. “There is significant overlap between hobbyists in the beekeeping and poultry space with many enthusiasts raising both,” said Eric Stromberg, who is now the director of poultry at Mann Lake. “Mann Lake’s marketing reach, operational scale and national footprint will enable us to better serve our loyal customers while reaching many new customers.”
Grey Mountain is currently investing from its $425 million third fund, which was raised in 2013, and invests up to $75 million in control acquisitions of companies with enterprise values between $30 million and $150 million. Sectors of interest are widely varied and include manufacturing; distribution; financial and professional services; food and beverage; health and wellness; and specialty chemicals. Grey Mountain was founded in 2003 by Managing Partners Rob Wright and Jeff Kuo and is based in Boulder, Colorado with additional offices in Minneapolis and Pittsburgh.
© 2020 Private Equity Professional | March 12, 2020