Hanover Partners sells manufacturer Ligchine

• Alongside Blue Sage Capital, Hanover invested in the company in 2018
• Founded in 1994, Hanover Partners invests in lower middle-market
• Hanover focuses on companies with $2 million to $8 million of operating income

Hanover Partners has sold Darien, Wisconsin-based Ligchine, a maker of laser-guided boom screeds used to place and level concrete to demanding flatness standards. No financial terms were disclosed. Ligchine’s new owner is RAF Industries.

Alongside Blue Sage Capital, Hanover invested in the company in 2018, acquiring the family-owned business from its two founders, who each retained a minority ownership stake. Hanover recruited its advisory board member, Dave Ring, to be CEO of Ligchine, concurrent with the acquisition in 2018.

At the closing, Hanover Co-Founding Partner John Palmer said in a statement, “Hanover was privileged to partner with Dave Ring and the Ligchine team during the past four years—a time of significant Company growth. Ligchine’s robust development of new products and intellectual property, as well as major investments in sales and marketing, resulted in doubling EBITDA during the investment period. Ligchine is well-positioned for continued success, and I wish Dave and his team the very best.”

Founded in 1994, Hanover Partners invests in lower middle-market specialty manufacturers developing proprietary, highly engineered products, industrial equipment, and business facing software products. The firm focuses on companies with $2 million to $8 million of operating income.