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KPS Capital Partners, LP to acquire Paladin Brands Holding and Crenlo LLC

Words: Mark Aafedt/Public/News/20110914133000-1.jpg" width="600" height="338" border="0" alt="KPS Capital Partners, LP has agreed to acquire Paladin Brands Holding, Inc." />
KPS Capital Partners, LP has agreed to acquire Paladin Brands Holding, Inc.
KPS Capital Partners, LP ("KPS") announced that, through a newly formed company, International Equipment Solutions, LLC and its affiliates (“IES”), it has entered into definitive agreements to acquire Paladin Brands Holding, Inc. (“Paladin”) and Crenlo LLC (“Crenlo”) from Dover Corporation (NYSE:DOV) (“Dover”). Financial terms of the transaction were not disclosed.

Paladin is the leading independent North American provider of engineered attachment tools for operator-driven equipment serving a wide range of markets. Paladin operates four business units, each focused on specific markets and products. Paladin Construction Group serves the construction, landscaping, agriculture and aviation markets under industry leading brands, including Bradco®, McMillen®, FFC®, Sweepster®, Harley®, JRB®, C&P®, and CustomWorks®. Paladin Demolition and Recycling, through its Genesis® brand, serves the demolition and metal recycling markets. Paladin Utility, through its Pengo® brand, provides augers and related tools for utility and foundation drilling markets. Paladin Custom Material Handling, through its Jewell® brand, provides custom excavator packages for demolition, forestry and material handling markets.

Crenlo is a leading North America provider of steel cabs and roll-over protective structures (ROPS) and electronics enclosures for customers serving a wide range of markets. In the operator interface cab segment, Crenlo serves world class OEM customers in the construction, mining, agriculture and specialty truck markets. Crenlo, through its Emcor® brand, also manufactures electronic enclosures. Emcor provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.

Raquel Palmer, a KPS Partner, said, “We are very excited to create International Equipment Solutions. IES, by acquiring Paladin and Crenlo, launches as the premier international engineered equipment manufacturer, with an industry leading portfolio of brands and an exceptionally strong reputation for quality, durability, delivery, product support and product innovation. We intend to grow IES aggressively both organically and through acquisition in North America and globally. The combination of the company’s exceptional operational expertise and strong customer relationships, combined with financial resources provided by KPS, will facilitate IES’s global expansion, especially in China, India and South America.”

David Burdakin, President and CEO of Paladin, said, “Our entire team at Paladin is pleased to move forward under KPS and excited about their commitment to manufacturing excellence and to supporting our future growth. We will remain focused on providing our customers with industry leading products and unsurpassed service.”

David Kilburn, President of Crenlo, said, “We are thrilled to work with KPS to further Crenlo’s ambitious growth initiatives. As part of the IES platform, we look forward to expanding Crenlo globally and to further strengthening the relationships we have today with our customers.”

The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.

Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and International Equipment Solutions, LLC and its affiliates.
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