NEW YORK, Oct. 16, 2014 /PRNewswire/ -- Supported by GenNx360 Capital Partners, Salford Group Inc. ("Salford"), a manufacturer of tillage, seeding and fertilizer application equipment, acquired BBI Spreaders ("BBI"), a leading manufacturer of precision dry material applicators for the agriculture, construction, and golf industries. The transaction closed on October 2, 2014.
"BBI is a great fit for us because they come to the market with the same philosophy as Salford, which is to create simple, durable equipment with innovations that improve the profitability of farm businesses," says Geof Gray, President of Salford. "By adding the strengths and expertise of BBI to Salford, we'll be able to offer even more innovative products that improve productivity of field operations," he added.
The two company's equipment lines are complementary to one another and allow each business to reach new markets. In addition to the larger product offering, both companies gain access to new sales territories and will strengthen their network of hundreds of farm equipment dealerships across the United States, Canada and overseas. Their engineering departments will collaborate on new product development initiatives to leverage each business' unique strengths and manufacturing capabilities.
"This acquisition represents the latest step towards aggressively expanding Salford's market presence through product and geographic expansion. We are very excited to support Salford in this acquisition and look forward to continuing to grow the company," stated Matt Guenther, Partner at GenNx360.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm who applies years of operational and leadership experience to investments in middle market industrial manufacturing and service companies. The firm focuses on opportunities in oil and gas services, global transportation components, agricultural products and services, specialty chemicals and engineered materials, industrial machinery and component parts, logistics and supply chain management, and aerospace sectors.
For more information about GenNx360, please visit: www.gennx360.com
About Salford Group, Inc.
Salford, founded in 1978, is one of North America's leading manufacturers of primary tillage, secondary tillage, seeding and fertilizing equipment. Salford 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 from locations in the USA, Canada, and Russia. www.salfordmachine.com
About BBI Spreaders
BBI is a design, manufacturing and sales company serving the agricultural, poultry and construction industries. We maintain a commitment to providing a variety of granular material application solutions expressly created to improve the financial performance of all BBI customers. www.bbispreaders.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