New York, NY (March 2, 2015) – KPS Capital Partners, LP (“KPS”) announced today that its portfolio company International Equipment Solutions, LLC (“IES”) has acquired, through a wholly owned subsidiary, Kodiak Mfg. Inc. (“Kodiak” or the “Company”). This is the fifth acquisition by IES since its formation. Financial terms of the transaction were not disclosed.
KPS formed IES in September 2011 as a global engineered equipment platform for investments in the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining, and energy markets. IES operates seven operating units, including Paladin Attachments, Genesis, Pengo, Jewell and CWS, all of whom are leading manufacturers of engineered attachment tools for operator-driven equipment; Crenlo, a leading North American manufacturer of cab enclosures for operator-driven equipment as well as specialty electronic enclosures; and Siac do Brasil, the leading supplier of heavy equipment cab enclosures and locomotive sub-assemblies in the South American market. IES’ customers include major original equipment manufacturers (“OEMs”), national rental fleet companies and thousands of independent and OEM-aligned dealers. IES employs over 2,700 people and operates 19 manufacturing facilities across North America, Europe and South America.
Founded in 1996 and headquartered in Charleston, Tennessee, Kodiak is a leading manufacturer of agriculture implements, including rotary cutters, angle and box blades, tillers and other tractor implements. Its customers include a network of OEM dealers and independent distributors.
Raquel Palmer, a Partner of KPS, said, “KPS formed IES in 2011 to create the leading manufacturer of attachments and engineered cab enclosures in the world. Through five highly-synergistic acquisitions, we have created a truly global engineered equipment supplier with manufacturing facilities on three continents to support the world’s largest OEM and dealer customers. IES is a fully integrated organization focused on leveraging its platform to aggressively grow market share and pursue new customers and markets.”
Stephen Andrews, Chief Executive Officer of IES, said, “The acquisition of Kodiak is another important step in the growth and diversification of IES. We are very impressed with the Company’s rapid growth trajectory and strong customer relationships. This acquisition enhances IES’ product portfolio to include a suite of agriculture implements as well as increases our network of sales relationships across the United States and Canada. IES intends to invest additional capital and resources to increase Kodiak’s production capacity and ensure the highest level of product quality and customer service. We are committed to supporting our customers with a comprehensive product offering across all of their key off-highway equipment markets.”
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and IES and its affiliates.
About International Equipment Solutions, LLC
IES is a global engineered equipment platform serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining, and energy markets. IES operates seven operating units, including Paladin Attachments, Genesis, Pengo, Jewell and CWS, all of whom are leading manufacturers of engineered attachment tools for operator driven equipment; Crenlo, a leading North American manufacturer of cab enclosures for operator-driven equipment as well as specialty electronic enclosures; and Siac do Brasil, the leading supplier of heavy equipment cab enclosures and locomotive sub-assemblies in the South American market. IES’ customers include major OEMs, national rental fleet companies and thousands of independent and OEM-aligned dealers. IES employs over 2,700 people and operates 19 manufacturing facilities across North America, Europe and South America. For more information, please visit www.iesholdings.com.
About Kodiak Mfg. Inc.
Founded in 1996 and headquartered in Charleston, Tennessee, Kodiak is a leading manufacturer of agriculture implements, including rotary cutters, angle and box blades, tillers and other tractor implements. Its customers include a network of original equipment manufacturer dealers and independent distributors. For more information, please visit www.kodiakmfg.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.8 billion of assets under management (as of June 30, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $21.6 billion, operate 245 manufacturing facilities in 26 countries, and have approximately 64,000 employees, directly and through joint ventures worldwide (as of June 30, 2024, pro forma for the recent acquisitions of Sport Group and Innomotics which closed on July 8, 2024 and October 1, 2024, respectively). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
