Norwest Equity Partners has sold its portfolio company Paladin Brands Holding, Inc. to Dover Resources, a subsidiary of Dover Corp.
David Ropp, CEO and president at Dover Resources, stated "On behalf of Dover, we are thrilled about the addition of Paladin to our family of companies. The suite of products and brands that Paladin offers complements our other businesses. We have been impressed with its growth and performance, as well as its ability to continue to focus on superior customer service."
Paladin, headquartered in Cedar Rapids, Iowa, has 19 manufacturing facilities in Illinois, Iowa, Michigan, Minnesota, North Dakota, Tennessee, Ohio, Oregon, Wisconsin and Mexico. Paladin also has a global sourcing office located in Shanghai, China.
The brand names that operated under Paladin include the following: Badger, Bradco, C&P, FFC, Genesis, Harley, JRB, Jewell, McMillen, Pengo, Sweepster and The Major. The companies manufacture and distribute attachments for application in the forestry, light and heavy construction, utility and utility contractors and demolition and recycling markets.
Timothy DeVries, NEP managing general partner and Paladin board member, stated "Paladin has done a great job of establishing its niche and growing to become the industry leader within the construction attachment sector. We have created value in several ways over the last three years, and we know that the company is well-positioned for continued growth under Dover's leadership."