NEW
YORK, April 28, 2022 /PRNewswire/ -- GenNx360
Capital Partners ("GenNx360"), a New
York-based private equity firm, is pleased to announce that
it has entered into a definitive agreement to sell its portfolio
company, Salford Group ("Salford"
or "the Company"), a leading manufacturer of tillage and crop
nutrition application equipment, to Linamar Corporation (TSX:LNR)
("Linamar"), for $260 million CAD, subject to post-closing
adjustments. The transaction is expected to close post customary
closing conditions.
During GenNx360's investment in Salford, the Company experienced impressive
organic growth and enhanced its profitability through product
enhancements, instillation of a culture of operational excellence,
and continuous attention to its customers' requirements for a
high-quality product and short lead times. Salford also completed three strategic
acquisitions during this time, BBI, Aerway and Valmar, which helped
the Company expand its operating footprint and create a more
comprehensive product portfolio.
"The success of our investment in Salford demonstrates GenNx360's ability to
execute on our investment strategy to substantially increase the
Company's revenue and profitability through synergistic
acquisitions, operational efficiencies, and an unyielding
commitment to customer service," said Lloyd Trotter, a Founder
and Managing Partner of GenNx360. "We backed a strong
management team headed by Geof Gray, Salford's President and Chief Executive
Officer. We are excited that this exit positions Salford for continued success, while also
generating an attractive return for GenNx360's Limited Partners,"
added Lloyd.
Winston & Strawn, McCarthy Tétrault, and Siskinds acted as
legal counsel to Salford. Lincoln
International served as the exclusive financial advisor to
Salford on this transaction.
About GenNx360 Capital Partners
GenNx360 Capital
Partners is a private equity firm focused on acquiring middle
market business-to-business services and industrial companies.
GenNx360 invests in companies with proven and sustainable business
models in expanding industries, with the objective of implementing
value-enhancing operational improvements to accelerate growth,
deliver efficiencies and generate strong financial returns. Target
industries include outsourced business services, industrial
machinery and components, industrial services, automation &
industrial technology, packaging products, equipment services,
environmental services, and food ingredients/equipment/services.
GenNx360 was founded in 2006 and is headquartered in New York
City. www.gennx360.com
About Salford Group
Salford Group, founded in 1978 is
headquartered in Salford, Ontario
with three manufacturing locations in Canada and two in the United States. The Salford product lineup includes both pneumatic
and spinner-type fertilizer spreaders, cover crop seeders, and a
range of tillage equipment and Air Flow applicators, Aerators,
Spinner Spreaders, and Tillage product lines. Salford's products are engineered and built to
be durable, innovative, and complementary to mainline OEM products
with distinct performance advantages related to higher
productivity, greater efficiency and environmental
sustainability. The company has been able to leverage
technological developments in precision agriculture to allow
producers to manage their crop production on an ever-increasing
degree of resolution. www.salfordgroup.com
For media inquiries about this press release, please
contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations
Manager
Email: investorrelations@gennx360.com
Tel: +1 212.257.6772
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SOURCE GenNx360 Capital Partners