ANNOUNCEMENT
Franklin Partners advises Pride Engineering and its shareholders in sale and recapitalization
May River Capital, LLC (“May River”), a Chicago-based private equity investment firm has purchased and recapitalized Pride Engineering, LLC (“Pride”) in partnership with management and other co-investors.
Pride, 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.
“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.”
— Bruce Allyn, President, Pride Engineering
“This recapitalization is a positive outcome for our shareholders, employees and customers,” said Mark Zauhar, founder of Pride.
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.
Franklin Partners Inc.
60 South Sixth Street #2800
Minneapolis, Minnesota 55402
612-436-0891
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