Hanover Finds Vehicle Accessories Company Worth Getting Attached To

Hanover Partners completed the acquisition of Quick Attach Attachments, a Minnesota-based developer and producer of attachments for skid-steers, tractors, ATVs and utility terrain vehicles. Parts are applicable to machinery platforms like John Deere and Caterpillar. Hanover Partners has offices in San Francisco and Oregon.

PRESS RELEASE:

Hanover Partners, Inc. announced the purchase of Quick Attach Attachments, Inc. and related
companies (“Quick Attach”). Headquartered in Alexandria, Minnesota, Quick Attach is the leading
designer, manufacturer, and marketer of attachments for skid-steers, mini skid-steers, compact
tractors, utility terrain vehicles, and all terrain vehicles. The Company has developed over 90 different
attachments sold direct to end-users and (under a separate brand) through a vast dealer network. The
Company’s attachments are uniquely designed to universally fit across all major machinery platforms
such as Bobcat, CNH, Caterpillar, and John Deere and are used for numerous applications such as
landscaping, agriculture, snow removal, excavation, and light-construction. Since the Company’s
founding in 2002, it has consistently introduced new products, entered new markets, acquired related
companies, and delivered exceptional customer service and support. With nearly 90 employees Quick
Attach has rapidly become one of the largest manufacturers of light-construction machinery
attachments in the United States.
Based in San Francisco, California and Portland, Oregon, Hanover Partners acquisition of Quick
Attach was completed with financing provided by Northstar Mezzanine Partners V, L.P. of
Minneapolis, MN. A significant re-investment was also made in the transaction by the Company’s
Founders, Todd and Amber Olson, and Mr. Olson will remain with the Company as President and
CEO. Terms of the transaction were not disclosed.
Commenting on the sale of the Company at closing, Mr. Olson said “We are thrilled with the new
opportunities that Hanover Partners and Northstar provide to Quick Attach. Both investors have a
consistently strong track-record of helping build and grow medium-sized niche manufacturing
companies. We look forward to working together as we continue to create and build innovative
products in our core and new markets, invest in and expand our manufacturing operations, and
continue to give our customers the highest-quality service in the industry.”
Commenting at the transaction’s closing, Andrew N. Ford, Principal with Hanover Partners, and
appointed chairman of the board, said, “We were particularly impressed with Quick Attach’s strong
financial performance through the recent recession, a testament to the quality of the Company’s
talented management team. We are excited to partner with Todd and his team to support the
Company’s substantial growth opportunities. Our acquisition of Quick Attach is another example of
Hanover’s long-standing focus on investing in market leading, proprietary product companies.”
Founded in 1994, Hanover Partners, Inc. is a private equity firm with offices in Portland, OR and San
Francisco, CA. Hanover and its institutional partners acquire majority positions in lower middlemarket
manufacturers, developing proprietary, moderate-to-highly engineered products and
equipment, as well as select niche consumer product companies, with EBITDA up to $10 million.
With the addition of Quick Attach, Hanover’s current portfolio of companies consists of six
companies located across the United States.