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High Road Adds Garden Weasel to General Tools

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General Tools & Instruments, a portfolio company of High Road Capital Partners, has acquired Garden Weasel from privately-owned Faultless Brands.

Garden Weasel’s products include a range of cultivators, weeders, edgers, nut gatherers and hand tools including Garden Weasel, Garden Claw, and WeedPopper tools. The company’s products are sold primarily in hardware stores, farm and fleet stores, home improvement centers, and big-box retailers. Garden Weasel was founded in 1975 and is based in Kansas City, Missouri.

The buy of Garden Weasel is the second add-on acquisition by General Tool since being acquired by High Road in February 2014. In November 2017, General Tool acquired PacTool International, a designer and manufacturer of a range of siding tools, specialty hand tools, cutting tools and blades used in construction, renovation and remodeling jobs. PacTool’s products include the Gecko Gauge, Snapper Shears, and the Roof Snake.

General Tools & Instruments is a designer and developer of specialty hand tools and handheld test instruments for consumers and professionals. GTI has more than 1,200 products that are sold through big-box and specialty retailers including Home Depot, Lowe’s, Sears, Ace Hardware and True Value Hardware stores, and through industrial distributors such as Grainger, MSC Industrial Supply and McMaster-Carr. The company, led by CEO Ralph Mallozzi, was founded in 1922 and is headquartered in Secaucus, New Jersey.

“Garden Weasel is known for premium quality and durable products, which complement our portfolio of award-winning products,” said Mr. Mallozzi. “We see a tremendous opportunity for the company by enhancing marketing, developing innovative new products and line extensions, and broadening distribution.”

“General Tools’ addition of Garden Weasel extends the company’s leadership in the specialized hand tools market and expands its reach into lawn and garden products,” said Jeffrey Goodrich, a partner at High Road. “The current stay-at-home environment is contributing to a surge of interest in gardening and Garden Weasel, as a familiar and trusted brand, is well suited for the times.”

Mr. Goodrich led the acquisition of Garden Weasel and was assisted by Principal Eojin Lee and Associate Austin Arnold.

High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. The New York-based firm has completed 60 transactions – 20 platform investments, 32 add-on acquisitions and 8 exits – since its founding in 2007.

Twin Brook Capital Partners, the middle-market direct lending arm of Angelo Gordon, provided financing to support the buy of Garden Weasel by General Tools. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

Kansas City-based Faultless Brands, led by CEO Sean Williams, manufactures and markets a range of products including starches, cleansers, and candles that are used in the consumer and commercial fabric, fragrance and home care sectors. Company-owned brands include Faultless Starch, Niagara Starch, Bon Ami Cleanser, and Trapp Candles. Faultless Brands was founded in 1887 by Major Thomas Beaham and continues to be owned by the Beaham family.

Private Equity Professional | May 8, 2020

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Source: https://peprofessional.com/2020/05/high-road-adds-garden-weasel-general-tools/

Private Equity

Kentik raises $23.5M for its network intelligence platform

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Kentik, the company once known as CloudHelix, today announced that it has raised a $23.5 million growth funding round led by Vistara Capital Partners, with existing investors August Capital, Third Point Ventures, DCVC, and Tahoma Ventures also participating. With this round, Kentik has now raised a total of $61.7 million.

The company’s platform allows enterprises to monitor their networks, no matter whether that’s over the Internet, inside their own data centers or in public clouds.

“The world has become even more internet-centric, and we are seeing growth in traffic levels, product engagement, and revenue across both our enterprise and service provider customers,” said Avi Freedman, the co-founder and CEO of Kentik when I asked him why he was raising a round now. “We’ve seen an increased pace of adoption of the kind of hybrid and internet-centric architectures that Kentik is built for and thought it was a great time to increase investment, especially in product, as well as go-to-market and partner expansion to support market demand.”

Freedman says the company has been growing 100% compounded year-over-year since it launched in 2015 and now has customers in 25 countries. These include leading enterprises, SaaS companies, content providers, gaming companies, content providers, and cloud and communication service providers, he tells me. Current customers include the likes of IBM, Zoom, Dropbox, eBay, Cisco and GoDaddy.

The company says it will use the new funding to invest in its product and for go-to-market investments.

One notable fact about this new round is that it is a combination of equity and growth debt. Why growth debt? “Growth debt is an attractive option for startups with the right scale and strong unit economics, especially with the changes to capital markets in response to current economic conditions,” said Freedman. “Another element that makes long-term debt attractive is that unlike equity financing, long-term debt limits dilution for everyone, but especially benefits our employees who hold common stock.” That, it’s worth noting, is also something that lead investor Vistara Capital has made one of the core tenants of its investment philosophy. “Since Kentik is now at a scale where we have enough data on the business fundamentals to be able to make growth investments using debt while still being able to repay it over time, it made sense to us and our investors,” noted Freedman.

Source: https://techcrunch.com/2020/05/27/kentik-raises-23-5m-for-its-network-intelligence-platform/

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Private Equity

Revealed: how the US solar market is creating huge opportunity for returns

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The rising gap between the cost of US solar power development and the price of delivered electricity ahead of the coro

Source: https://www.altassets.net/private-equity-news/by-pe-sector/specialist-pe-sectors/100158592.html

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Private Equity

Riverside Company ends 14-year ActivStyle ownership trade sale to AdaptHealth

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The Riverside Company has ended its 14-year ownership of incontinence products business ActivStyle to trade buyer Adapt

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/riverside-company-ends-14-year-activstyle-ownership-trade-sale-to-adapthealth.html

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