CEDAR RAPIDS, IOWA - Paladin Brands Holding, Inc. ("Paladin") today announced that KPS Capital Partners, LP ("KPS"), through a newly formed holding company, International Equipment Solutions, Inc. ("IES"), has entered into a definitive agreement to acquire Paladin and Crenlo LLC ("Crenlo") from Dover Corporation (NYSE: DOV). Financial terms of the transaction were not disclosed.
Paladin is a 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 the utility and foundation drilling markets. Paladin Custom Material Handling, through its Jewell brand, provides custom excavator packages for the demolition, forestry and material handling markets.
Crenlo is a leading North American 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, provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.
The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.