Spell Capital Partners has acquired Palletec, LLC (DBA Viking Engineering & Development). This is the 6th platform investment for Spell’s fifth fund which closed in October 2016.
Viking designs and manufactures machinery that is used in the wood pallet and bedding manufacturing industry. The company also supplies fasteners used with its equipment and provides replacement parts and maintenance services.
Viking, led by its President Kurt Larsen, was founded in 1975 and is headquartered near Minneapolis in Fridley, MN (www.vikingeng.com).
Spell Capital Partners makes control investments of $3 million to $15 million in industrial manufacturing companies with revenues of at least $5 million and EBITDAs of at least $1 million. The firm, through Spell Capital Mezzanine, will also make subordinated debt investments of $3 million to $10 million in companies with EBITDAs of at least $2 million. The firm is based in Minneapolis (www.spellcapital.com).
Paul Meyering, Senior Managing Director, led the transaction for Spell.
© 2018 Private Equity Professional | January 17, 2018