Add-on Acquisition • Machinery

Hanover Partners and Greyrock Capital Group Exits Westside Equipment

On January 9, 2024, Oxbo International invested in machinery company Westside Equipment from Hanover Partners and Greyrock Capital Group

Investment Context
  • This is Oxbo International’s 2nd transaction in the Machinery sector.
  • This is Oxbo International’s 1st transaction in the United States.
  • This is Oxbo International’s 1st transaction in California.

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Investment Summary

Date January 9, 2024
Target Westside Equipment
Sector Machinery
Investor(s) Oxbo International
Sellers(s) Hanover Partners
Greyrock Capital Group
Deal Type Add-on Acquisition
Advisor(s) Prestwick Partners (Financial)

Target Company

Westside Equipment

Madera, California, United States
Westside Equipment is a manufacturer of tomato and pistachio harvesting equipment and related parts. Westside Equipment started manufacturing machinery for the tomato harvesting industry in 2001 and has grown from a small operation with four employees to a global leader in the commercial tomato harvester equipment industry. Westside Equipment was founded in 1986 and is based in Madera, California.
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Investor Overview 1

Investor

Oxbo International

Byron, New York, United States

Category Company
DESCRIPTION

Oxbo support personnel understand the urgency of keeping highly sophicated equipment performing at full capacity, often around the clock during peak seasons.


Deal Context for Investor #
Overall 2 of 2
Sector: Machinery 2 of 2
Type: Add-on Acquisition 2 of 2
State: California 1 of 1
Country: United States 1 of 1
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-03 Ploeger Oxbo Group

Roosendaal, Netherlands

Ploeger Oxbo Group is a developer and manufacturer of technically advanced and reliable harvesting systems. Ploeger Oxbo Group was founded in 2010 and is based in Roosendaal, Netherlands.

Sell -

Seller Profiles 2

SELLER

Hanover Partners

San Francisco, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Hanover Partners is a private investment firm that targets middle-market companies with enterprise value between $10 and $60 million and EBIT of at least $2 million. Hanover prefers manufacturing or service based businesses located in the United States that serve business customers. Avoided industries include retail, construction, consulting, job-shops, and distributors not adding specific value. Hanover Partners was formed in 1994 and is based in San Francisco, California with an additional office in Oswego, Oregon.


Deal Context for Seller #
Overall 14 of 14
Sector: Machinery 6 of 6
Type: Add-on Acquisition 10 of 10
State: California 2 of 2
Country: United States 14 of 14
Year: 2024 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-09 Powertronix

Foster City, California, United States

Powertronix is a developer of power product solutions serving critical applications in the medical, renewable energy, electrical utility, and other diversified industrial sectors. Powertronix was founded in 1991 and is based in Foster City, California.

Sell -
SELLER

Greyrock Capital Group

Walnut Creek, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Greyrock Capital Group provides mezzanine debt and equity capital to finance buyouts, recapitalizations and growth needs of middle market companies. Greyrock looks to invest between $8 and $40 million of equity and/or junior capital in companies with minimum revenues of $10 million and at least $2 million of EBITDA. Greyrock prefers companies in defensible markets with low cost structures. Greyrock Capital was formed in 2002 and has offices in San Francisco, California; Chicago, Illinois; and Westport, Connecticut.


Deal Context for Seller #
Overall 46 of 47
Sector: Machinery 2 of 2
Type: Add-on Acquisition 25 of 26
State: California 12 of 12
Country: United States 46 of 47
Year: 2024 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-09 Powertronix

Foster City, California, United States

Powertronix is a developer of power product solutions serving critical applications in the medical, renewable energy, electrical utility, and other diversified industrial sectors. Powertronix was founded in 1991 and is based in Foster City, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-18 Williams Distributors

Spokane Valley, Washington, United States

Williams Distributors is a direct-store-delivery (“DSD”) distributor of ice cream, frozen pizza and frozen foods in the Northwest. Williams Distributors was formed in 1992 and is based in Spokane Valley, Washington.

Buy -