M&A Deal Summary

Oxbo International Acquires Westside Equipment

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

Acquisition Highlights
  • 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.

M&A Deal Summary

Date 2024-01-09
Target Westside Equipment
Sector Machinery
Buyer(s) Oxbo International
Sellers(s) Hanover Partners
Greyrock Capital Group
Deal Type Add-on Acquisition
Advisor(s) Prestwick Partners LLC (Financial)

Target

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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Buyer(S) 1

Buyer

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 STATS #
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(S) 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 STATS #
Overall 13 of 13
Sector (Machinery) 6 of 6
Type (Add-on Acquisition) 9 of 9
State (California) 1 of 1
Country (United States) 13 of 13
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-13 Ligchine

Darien, Wisconsin, United States

Ligchine is a designer, manufacturer, and marketer of laser-guided boom-operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers. Ligchine was founded in 2007 and is based in Darien, Wisconsin.

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 STATS #
Overall 45 of 45
Sector (Machinery) 2 of 2
Type (Add-on Acquisition) 23 of 23
State (California) 11 of 11
Country (United States) 45 of 45
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-31 NeoGraf Solutions

Lakewood, Ohio, United States

NeoGraf Solutions is a developer and manufacturer of high-quality flexible natural and synthetic graphite, powders, and flakes used in thermal management, fire resistance, and other applications. NeoGraf provides mission-critical products that are used for heat dissipation, heat spreading, or utilized as a fire retardant additive to materials due to thinness, flexibility, low weight, and high conductivity characteristics. NeoGraf Solutions was founded in 1881 and is based in Lakewood, Ohio.

Buy -