Dallas-based private equity firm Valesco Industries has acquired Blower Application LLC, a portfolio company of Gen Cap America, as its first platform investment out of Valesco Fund III.
Wisconsin-based BloApCo manufactures and designs solid waste and scrap handling systems and processing equipment, primarily for corrugated box and packaging plants and the retail distribution industry.
Terms of the deal were not disclosed.
Velasco said that BloApCo’s product solutions include modular shredding systems, trim handling systems, material handling fans, trim cutters and conveying systems, and an aftermarket offering of parts and refurbishment.
“We believe we found the right business partner in Valesco; one that would continue the work we spent 90 years building,” BloApCo President Dan Cieslewicz said in a statement. “At BloApCo we take great pride in manufacturing quality equipment and well-designed scrap systems to our customers. Valesco is an ideal investment partner for us. They not only understand and support our history, vision and values, but will offer key support as we continue to execute against our mission to be the best scrap system equipment manufacturer in our marketplace.”
Valesco said it completed a majority buyout of the previous ownership group, partnering with the existing management team to capitalize on BloApCo’s long-standing market position, favorable industry tailwinds, and achievable growth opportunities.
Valesco said it provided subordinated debt and a revolver was provided by a senior lender who also is an investor in Valesco Fund III. Mesirow Financial, Inc. acted as exclusive financial adviser to BloApCo.
Valesco is still seeking investment opportunities to provide equity and subordinated debt for control buyout, recapitalization, minority, management buyout, and mezzanine situations for Valesco Fund III, the company said.
Valesco focuses on making control and non-control investments in select growth-oriented small- and lower- middle-market businesses engaged in manufacturing, distribution, and business-to-business services. It said it specializes in partnering with a company’s management team to support its growth objectives.
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