Attachment Technologies Acquires Genesis Equipment

The assets of Genesis Equipment & Manufacturing have been acquired by Attachment Technologies Inc. Genesis, based in Superior, Wis., is one of the world’s leading attachment manufacturers for the scrap recycling and demolition industries.

ATI manufactures attachments under the names Bradco®, McMillen®, The Major®, C&P, CAM, Badger and Pengo®.

According to Kevin Bakke, former Genesis Chairman/CEO and now an ATI partner, vice president and co-general manager, the acquisition provides a host of benefits to both its customers and its employees.

“We are extremely pleased to be making this announcement,” he said. “This is a logical step in the company’s evolutionary process and not a decision which was made lightly. However, the gains to be realized by all parties involved far outweighed any reluctance we might have had to move forward. The move makes us an important part of ATI, a portfolio company of Norwest Equity Partners, a private Minneapolis-based equity firm which has an excellent track record of providing the financial resources to further strengthen and grow the companies they acquire, while allowing those companies to function autonomously.”

Both Bakke and Bruce Bacon, former Genesis president, will function as VPs and co-General Managers of the newly named Genesis Attachments. They also will serve on ATI’s board of directors. “It’s important to note,” says Bacon, “that Kevin Bakke and I reinvested a sizeable portion of our money from the acquisition right back into ATI. That’s how confident we are in the strength of this pairing. In addition, we retained ownership of the Genesis facility and the land on which it sits; ATI has shown its confidence in this acquisition by signing a 10-year lease of those properties from us. There is a real sense on everyone’s part that this is as positive a move as one could imagine.”

Bakke adds that Genesis customers will see real benefits as a result of the acquisition. “Our foremost concern has always been our customers, and they will see a continued commitment to growth and support of existing products and markets. They will also see even more new Genesis products that will ultimately benefit their bottom-line. This includes access to additional products, technologies and markets through ATI sister companies, and a dramatically enhanced opportunity for new product development. The 14,000 sq. ft. plant expansion, which is already well underway, will help make a lot of that happen.”

According to Bill Van Sant, ATI’s chairman and CEO and NEP operating partner, Genesis will greatly enhance the overall ATI offering, both in terms of diversity of products and ability for all ATI companies to reach new markets. “Our own criteria to determine if a company is a viable prospect are extremely demanding and Genesis met or exceeded those criteria on every count. They are one of the world’s premiere attachment manufacturers, their commitment to quality in both manufacturing and service are second to none in the industries they serve, they have an excellent reputation both domestically and internationally, and they have shown an inherent ability to both plan for and respond to steady growth. We are extremely pleased to have them as a key member of the ATI family of companies.”