Blackstreet Capital has recapped Swisher Mower & Machine Co., a Warrensburg, Mo.-based make and distributor of lawn & garden power equipment. Chevy Chase, Md.-based Blackstreet is a PE firm. News of the deal was announced by Livingstone, which acted as financial adviser to Swisher.
Livingstone is pleased to announce the successful recapitalization of Swisher Mower & Machine Company, Inc. (“Swisher” or the “Company”) by Blackstreet Capital (“Blackstreet”). Livingstone acted as exclusive financial advisor to Swisher. Terms of the deal were not disclosed.
Swisher, based in Warrensburg, Missouri, is a leading manufacturer and distributor of branded lawn & garden power equipment and accessories. The Company’s product portfolio includes zero-turn riding mowers, trailmowers, high wheel string trimmers, log splitters, and ATV attachments. Known for its superior design, materials, components, and construction, Swisher has earned the reputation as a pioneer in the industry having created and developed multiple product categories throughout the Company’s 65 year history. Swisher sells its products through a diversified and expansive network of more than 2,000 retail outlets in the U.S. and Canada.
Livingstone worked with the Company to execute a comprehensive recapitalization process in an efficient time frame. The highly competitive process was a successful outcome for the Company’s employees, shareholders, lenders and other constituents. Livingstone completed the transaction within 90 days of its engagement by the Company.
“We are thrilled to have helped forge a partnership between Swisher and Blackstreet,” said Livingstone Director Joe Greenwood. “The Swisher family and management team are to be commended for successfully navigating challenging market conditions, while positioning the Company to capitalize on several exciting growth opportunities.”
Swisher represents the third special situations transaction closed by Livingstone in the last 12 months. Livingstone hired William Blair alumnus Joe Greenwood earlier this year to head the firm’s Special Situations practice.