Dover to Sell Paladin Brands to Venture Capital Firm

KPS Capital Partners LP has announced that, through its newly formed company, International Equipment Solutions LLC (IES), and its affiliates, it has entered into definitive agreements to acquire Paladin Brands Holding Inc. and Crenlo LLC from Dover Corp.

Paladin provides engineered attachments for a range of industries. The company operates four business units:

• Paladin Construction Group, which serves the construction, landscaping, agriculture and aviation markets under the brands Bradco, McMillen, FFC, Sweepster, Harley, JRB, C&P and CustomWorks
• Paladin Demolition and Recycling, which operates through its Genesis brand;
• Paladin Utility, which operates through its Pengo brand, and provides augers and related tools for utility and foundation drilling markets; and
• Paladin Custom Material Handling, which, through its Jewell brand, provides custom excavator packages for demolition, forestry and material handling markets.

Crenlo provides steel cabs and roll-over protective structures and electronics enclosures for customers serving a wide range of markets.

Raquel Palmer, a partner with KPS Partner, says, "We are very excited to create International Equipment Solutions. IES, by acquiring Paladin and Crenlo, launches as the premier international engineered equipment manufacturer with an industry leading portfolio of brands and an exceptionally strong reputation for quality, durability, delivery, product support and product innovation. We intend to grow IES aggressively both organically and through acquisition in North America and globally.

“The combination of the company's exceptional operational expertise and strong customer relationships, combined with financial resources provided by KPS, will facilitate IES's global expansion, especially in China, India and South America," Palmer continues.

David Burdakin, president and CEO of Paladin, says, "Our entire team at Paladin is pleased to move forward under KPS and excited about their commitment to manufacturing excellence and to supporting our future growth. We will remain focused on providing our customers with industry leading products and unsurpassed service."

The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.