Baird Capital has sold Justrite Manufacturing Company – a maker of safety products – to Audax Group. Baird Capital acquired Justrite in July 2011 and will continue to be a minority investor in the company.
Justrite is a designer and manufacturer of safety products for the handling and storage of flammable and hazardous liquids. Products include safety cabinets, safety cans, environmental and spill containment systems, and outdoor safety storage buildings and lockers. The company was founded in 1906 and is led by Mark McElhinny, its President and CEO. Justrite is headquartered in the Chicago suburb of Des Plaines (www.justritemfg.com).
During Baird’s term of ownership the company’s revenues doubled and EBITDA tripled through a combination of two add-on acquisitions, new products, and international expansion.
“Justrite has become one of the premier safety products companies in the world by developing a highly skilled workforce, building strong distribution partnerships, and providing a continuous flow of product innovations that the industry demands,” said Andrew Brickman of Baird Capital. “We have enjoyed our partnership with the Justrite team and are excited to continue to partner with Audax Group during this next phase 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).
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-10-15
