The Company

 

 

 

DEERFIELD, IL July 1, 2008 – Private equity firm Pfingsten Partners, L.L.C. announced the acquisition of SpeeCo Incorporated, a Golden, CO - based manufacturer of branded and private label agricultural implements, tractor replacement parts, and accessories for farm, ranch, and related markets. The company’s products include log splitters, post hole diggers, quick hitches, tractor linkage parts, OEM custom components, and other farm & ranch accessories.

 

Founded in 1957, SpeeCo sells primarily through farm and ranch retailers and dealers. Pfingsten plans to continue to grow the business through a combination of targeted bolt-on acquisitions, product line extensions, new distribution channels, and international expansion.

 

“SpeeCo’s continuous improvement culture, seasoned management team, and Asian sourcing capabilities are a natural fit for Pfingsten,” said John Starcevich, Managing Director of Pfingsten Partners, L.L.C. “We can leverage the company’s well established infrastructure to continue building the business in an industry with solid growth prospects.”

 

Under the terms of the agreement, SpeeCo will remain headquartered in Golden, Co, and retain its 130 plus employees in the US and China. The SpeeCo management team, led by President and CEO, Paul Valas, will remain in its current role. “Pfingsten’s operational expertise, global capabilities, and conservative approach to finance make them the right partner for SpeeCo’s next stage of growth,” said Valas.

 

The transaction closed on June 30, 2008 and represents the ninth platform in Pfingsten’s $285 million Fund III. Financial terms were not disclosed.

 

Pfingsten Partners is an operationally oriented private equity firm founded in 1989. From it headquarters in Chicago and offices in Hong Kong and Shenzhen, China, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten Partners has acquired 60 manufacturing, distribution and business service companies. For more information, visit www.pfingstenpartners.com.