Double L Acquired by Idaho Investors, Secures Growth Capital
30 Mar, 2021, 09:00 ET
HEYBURN, Idaho, March 30, 2021 /PRNewswire/ -- Double L, a prominent manufacturer of farm equipment in the Intermountain West, announced today it has reached a definitive agreement to be acquired by a group of Idaho investors. The strategic investors include Teton Management Group, Pickett Equipment, and the Idaho Legacy Fund, all of whom are headquartered in Idaho and led by individuals who have experience in the agriculture industry. This strategic investment will enable the company to accelerate product offerings, expand support for customers, and enter a new era of leadership in the farm equipment industry.
Founded in 1975, Double L is a leader in the international potato equipment market, providing durable harvesting and handling solutions for farms throughout the United States. Located in the heart of the largest potato producing region in the nation, Double L has grown over its 45 years to serve not only potato growers in the U.S. but farmers of numerous crops in countries around the globe. Double L, along with the new investor group, is committed to continuing this legacy by working alongside customers, understanding their needs, and delivering the equipment, parts, and services required to enhance their growing and harvest seasons.
Newly appointed Double L CEO Jeff Sayer is the former Idaho Secretary of Commerce and Managing Member of Idaho Legacy Fund. "Double L is a family-built legacy and a vital part of a rural community that provides high quality, American manufacturing jobs," Sayer said. "Helping them reach their potential is a quintessential example of why we started the Idaho Legacy Fund. We are honored to help Double L reach its potential."
Chris Hunsaker, former CEO of Double L who will assume a new role of Chief Business Development Officer, said he is pleased with this opportunity to ensure Double L's future growth. "As a company, we have worked hard to get to this point. We are excited about Double L's future and how its new partners can play a significant role in maximizing the company's potential. But even more importantly, we look forward to supporting our customers at a higher level via new products and services. The Double L vision has always been to advance agriculture through innovation, and that vision will continue."
Jonathan Price, CEO of Pickett Equipment, is equally pleased about expanding Double L's service capability. "We are excited to join forces with Double L and align our capabilities to service their customers better and support the vital potato market in the region," Price said. "Double L's reputation for durable, high-quality equipment is a standard we understand, and we look forward to helping them expand their support and contribution to hard-working potato farmers."
Kurt Harman, Managing Member of Teton Management Group, said, "This transaction merges a rural icon with local investors who understand and know the importance of building a community and region. This investment will harness a powerhouse of experience in the investor group. We are excited to partner with the team at Double L who care about the potato industry and know how to build a quality product."
The investor group has engaged Rectify Partners of Boise, Idaho, to assist with the management transition and accelerate the company's new growth strategies. Stoel Rives, LLP in Boise, Idaho, served as legal advisor to the investor group. Kevin Hirt, president of Windreef Management Company and a partner of Idaho Legacy Fund, assisted the investor group in transaction structure and will continue to advise on strategic matters. Terms of the transaction were not disclosed.
About Double L
Founded in 1975, Double L provides a wide variety of agricultural solutions to the U.S. potato farming industry, including farming equipment, product handling, commodity transport, storage solutions, and waterless chemical application. For more information, please visit www.doublelglobal.com.
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SOURCE Double L
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