MML Capital Partners has sold Shoreview, Minnesota-based PaR Systems, a provider of integrated robotic automation and specialized material handling solutions. The buyer was the Pohlad family. No financial terms were disclosed.
MINNEAPOLIS, Nov. 1, 2017 /PRNewswire/ — The Pohlad family has acquired Shoreview-based PaR Systems, Inc., a leading provider of integrated robotic automation and specialized material handling solutions, from MML Capital Partners, an international private equity firm.
Terms were not disclosed.
The Pohlad family’s operating companies include United Properties, NorthMarq Capital and Carousel Motor Group amongst others, and span several industries, including the automotive, real estate investment and development, radio and media, high-end jewelry and commercial real estate finance industries. The Pohlad family also owns Major League Baseball’s Minnesota Twins.
PaR Systems is a world leader in providing advanced intelligent solutions for integrated robotic automation and specialized material handling solutions that drive productivity improvements, product quality and employee safety for customers. Founded in 1961, PaR Systems has strategically grown its offering into a strong complement of custom equipment solutions, technology-driven products and a responsive service offering. PaR Systems serves the aerospace, medical device, marine/defense, nuclear and additional select industrial markets.
“We want to invest in companies that make a difference now and in the future,” said Robert Pohlad. “PaR Systems not only fits that criteria but allows us to expand into a new business line that we believe has great long-term potential. And it’s headquartered right here in our own backyard – sharing the same heritage and values.”
“Through the entire process of getting to know the Pohlad team, it has become clear to the senior team at PaR that the Pohlad family has the same high expectations and values as the people at PaR,” said Mark Wrightsman, president and CEO of PaR Systems. “We are excited to be joining forces with this great team to achieve our long-term vision of all of the companies in our chosen market segments recognizing PaR as ‘a Trusted Partner’ for their automation needs.”
“PaR Systems has a strong, experienced management team and terrific, highly educated and qualified employees,” said Bert Colianni, CEO for the collective Pohlad operating companies. “We look forward to partnering with management to provide capital and strategic support to help accelerate their growth, both internally through retaining and attracting talented people, combined with appropriate investments in research and development, as well as externally through acquisitions.”
PaR Systems develops solutions and applications for mission-critical operations across a wide variety of industries. These systems range from the very large to small scale. On the large side of the spectrum, PaR created a remote robotic application to facilitate the nuclear handling and decommissioning of the Chernobyl Unit 4 reactor and sarcophagus following the catastrophic 1986 nuclear accident in Ukraine. More recently, PaR Systems undertook a similar project at the Fukushima nuclear site affected by the 2011 earthquake in Japan. On the other end of the spectrum, PaR Systems supports prominent medical device manufacturers by designing and building automation equipment for the manufacturing of small products that are often inserted into the human body – with lifesaving results.
The majority of PaR Systems’ 380 employees are based in three U.S. locations: Shoreview and Oakdale, Minnesota, and Brunswick, Georgia. PaR Systems also has eight global sales, engineering, service and manufacturing centers of excellence throughout the U.S. and around the world.