Franklin Partners advises Pride Engineering and its shareholders in sale and recapitalization.
May River Capital, LLC, a Chicago-based private equity investment firm has purchased and recapitalized Pride Engineering, LLC in partnership with management and other co-investors.
Pride Engineering, based in Brooklyn Park, Minnesota, designs and manufactures highly engineered, mission critical machine tools and equipment used globally in the production of two-piece metal cans for the beverage and food industries. Pride’s products are considered the industry standard based upon their precision, accuracy and reliability. The transaction represents a new partnership between May River and the majority of Pride’s prior shareholders.
Bruce Allyn, President of Pride, said, “We are delighted to partner with May River. They share our vision for growing Pride and can provide financial, strategic and professional resources required to accomplish our goals and to provide our customers with the best products in the world.” Mark Zauhar, founder of Pride, added, “This recapitalization is a positive outcome for our shareholders, employees and customers.”
Steve Griesemer, May River Partner, said, “We were immediately drawn to Pride’s proprietary technology, its strong customer relationships, its large, global installed base, and the mission critical nature of Pride’s products.” Chip Grace, also a May River Partner, added, “May River is pleased to be selected to partner with Pride's management team in the acquisition. We look forward to assisting Bruce and the team in realizing Pride’s full potential in the years to come.”
Franklin Partners was the financial advisor to Pride and its shareholders in this transaction, conducting an extensive search for the right partner for the shareholders. Fifth Third Bank provided senior and subordinated debt financing in support of the recapitalization. Ravich Meyer served as counsel to Pride and its shareholders.