GenNx360 Capital Partners Announces Salford Group's Third Add-on Acquisition
NEW YORK, Dec. 21, 2015 /PRNewswire/ -- GenNx360 Capital Partners II, L.P. is pleased to announce that Salford Group ("Salford") has acquired the AerWay advanced aeration products line ("AerWay") from SAF-Holland Canada Limited. The transaction closed on December 11, 2015 and represents Salford's third acquisition in the past 14 months. The AerWay acquisition expands Salford's niche tillage product lineup to offer more vertical tillage and pastureland management tools that appeal to livestock and mixed farming customers.
Salford is a manufacturer of tillage, seeding and fertilizer application equipment. AerWay comes to Salford from SAF-Holland Canada Limited who originally started selling AerWay in 1983. Salford and AerWay have worked well together in the past as AerWay tools already use Salford harrow packages and AerWay is capable of carrying Salford Valmar attachments.
With close proximity to Salford's Ontario headquarters, AerWay will continue to produce equipment in its Norwich, Ontario facility. Plans also include shared distribution centers to ensure the widest availability of all products globally.
"We are very pleased to bring AerWay products under the Salford tillage umbrella," said Geof Gray, Chief Executive Officer of Salford Group. "Both companies focus on innovative designs to meet customer needs, create tools with multi-use capabilities and emphasize soil productivity and management, with vertical tillage/minimal disturbance tools and topdressing or cover cropping being an important part of that," he said.
Kim Baechler, President of SAF-Holland Canada Limited states, "This is truly an exciting opportunity for the AerWay product line, and many of the employees that help build AerWay. Under Salford's world class banner, continued investment in the AerWay design and manufacturing will be assured, allowing the product to grow and help farmers and ranchers solve their unique problems."
"This transaction is our third add-on acquisition, further enhancing GenNx360's commitment to and investment in the Salford platform," stated Matt Guenther, the GenNx360 Partner who led the transaction.
ABOUT GENNX360 CAPITAL PARTNERS
GenNx360 Capital Partners is a private equity firm focused on investing in industrial manufacturing and business services companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, industrial services, oil and gas, logistics and supply chain solutions, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City. www.gennx360.com
ABOUT AERWAY
AerWay sells its turf and agricultural products worldwide through a global distribution network. It is dedicated to making the greatest possible contribution to the success of the ultimate user of its products and services in the agricultural and turf sectors by performing at the highest levels of value, innovation, quality, safety and performance. www.aerway.com
ABOUT SALFORD
Salford, founded in 1978, is one of North America's leading manufacturers of primary tillage, secondary tillage, seeding and fertilizer application equipment. Salford Group engineers its products to excel in the different soil and crop types throughout the agricultural world and to add value to any size farming operation. The organization manufactures in the USA, Canada, and Russia. www.salfordgroup.com
For media inquiries about this press release, please contact:
GenNx360 Capital Partners
Carmen Rojas, Investor Relations Manager
Email: [email protected]
Tel: +1 212.257.6772
SOURCE GenNx360 Capital Partners
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