EQT Mid Market US has agreed to buy Wisconsin-based Dorner, a maker of precision conveying solutions. The seller is Incline Equity Partners. No financial terms were disclosed.
EQT Mid Market US GP B.V. (“EQT Mid Market US”) has agreed to acquire Dorner Holding Corporation (“Dorner” or the “Company”) from Incline Equity Partners. The management team of Dorner, led by Terry Schadeberg, will remain with the Company and continue to lead its growth.
Dorner was founded in 1966 by the Dorner brothers. Since then, Dorner has achieved consistent growth and transitioned from a family-owned business into a leading, global manufacturer of high quality precision conveying solutions. The Company’s offerings today include the broadest portfolio of precision conveying systems in the industry, designed to address customers’ mission critical conveying needs. Dorner is headquartered in Wisconsin and has offices in Canada, Mexico, Germany and Malaysia.
EQT Mid Market US is excited to support the continued development and growth of Dorner, both domestically and internationally, including through additional investment in its salesforce, targeted marketing spend and a continued push for best-in-class operational execution. Acquisitions of complementary products will also be pursued.
Matthew Levine, Partner at EQT Partners, Investment Advisor to EQT Mid Market US said: “We are impressed with Dorner’s talented management team, well-respected brand, superior value proposition and track record of growth. Terry and the Dorner team have built an impressive global platform that is well positioned to capitalize on the favorable trends in industrial automation. EQT Mid Market US is fully committed to supporting Dorner’s management and employees in taking the Company to the next level through leveraging EQT’s deep experience in this specific industry and by putting in place a highly relevant board with industrial, international and technological competence.”
This is an exciting next step for us,” said Terry Schadeberg, CEO of Dorner. “We are proud of what we have accomplished over the past several years, and are very excited to partner with EQT Mid Market US, who shares our vision of building Dorner into the undisputed global leader in the manufacturing of advanced precision conveying solutions. We believe that EQT’s industrial approach, global presence and extensive network of industry specialists will be of valuable support to us as we pursue the next phase of growth for our Company.
Financial terms of the transaction were not disclosed.
EQT is a leading global private equity group with approximately EUR 35 billion in raised capital across 22 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
Dorner provides customers with innovative conveying solutions designed to increase efficiency and productivity, from individual components and products to complete solutions. Our industry-recognized family of companies delivers quality products with best in class support to customers in a variety of industries worldwide. Dorner has over 300 employees and has offices in the US, Canada, Mexico, Germany and Malaysia.
More info: www.dornerconveyors.com