Odyssey-backed Duravant buys Hamer

Hanover Partners and Tuckerman Capital said Thursday they have sold Hamer LLC. Financial terms weren’t announced. Durvant, a portfolio company of Odyssey Investment Partners LLC, is the buyer. Plymouth, Minnesota-based Hamer provides packaging equipment solutions. Hanover and Tuckerman bought Hamer in 2001; the sale generated net returns of 7.2 times cash-on-cash and a 39 percent IRR.


Hanover Partners and Tuckerman Capital announced the sale of their portfolio company, Hamer, LLC
(“Hamer”, or the “Company”), a leading designer and manufacturer of specialty automated packaging
equipment for a variety of industrial and commercial end markets, to Duravant, a leading, global
manufacturer of engineered equipment serving the food processing, packaging, and material handling
industries. Duravant is a portfolio company of Odyssey Investment Partners, LLC.
Headquartered in Plymouth, MN, Hamer has been providing packaging equipment solutions for nearly 90
years. The Company is a market leader in several niche end markets – with an established, prominent brand
name, and large and growing installed equipment base supported by a replacements parts business and
superior customer service and support. Building on Hamer’s vast industry experience and strong reputation
in automated packaging equipment, the Company implemented a multifaceted strategic growth initiative
focused on expanding Hamer’s sales channels, product lines and manufacturing capacity.
Hanover Partners and Tuckerman Capital acquired Hamer in August 2001. The exit from Hamer generated
net returns of 7.2 times cash-on-cash / 39% IRR over a fourteen-year hold period, covering multiple
economic cycles.
Commenting at the transaction’s closing, John E. Palmer, Co-Founding Principal with Hanover Partners,
and Hamer’s chairman of the board, stated, “The successful realization of our many-years partnership with
Dan Brown and the rest of the Hamer team validates Hanover’s strategy of backing management teams
over the long-term to build engineered-product manufacturers into market leaders. We would especially
like to thank Tuckerman Capital for being a great investor partner on what was our first deal together.”
In addition, Peter Milliken, Managing Partner with Tuckerman Capital, said, “The outcome at Hamer is a
testament to the value that can be created teaming with capable independent sponsors to invest in niche
industrial businesses and building those companies over the long term.”
Mr. Dan Brown, President and CEO of Hamer joined the company in 2002 as VP of Sales and Marketing
and successfully built a market-focused organization driven by engineering excellence. Mr. Brown will
continue to lead Hamer as a Duravant operating company. “Hanover and Tuckerman have consistently
provided meaningful strategic direction and management guidance resulting in Hamer’s exponential growth
over the years of our association,” said Mr. Brown. “From new product development to market expansion,
Hanover and Tuckerman have been a vital contributor and long-term partner in our success. Hamer is wellpositioned
for its next chapter of growth and I look forward to working with the Duravant team and
Odyssey Investment Partners to build an industry leading engineered equipment manufacturing platform.”
About Hanover Partners
Founded in 1994, Hanover Partners, Inc. is a private equity firm with offices in Portland, OR and San
Francisco, CA. Hanover acquires majority positions in lower middle-market specialty manufacturers,
developing proprietary, highly engineered products, industrial equipment, niche branded consumer
products, and business facing software. Within these sectors, the firm focuses on companies with $1.5
million to $8 million of operating income. The sale of Hamer represents Hanover’s fourth successful exit in
the last three-and-a-half years, and Hanover’s second transaction of 2015.
About Tuckerman Capital
Tuckerman Capital invests in niche manufacturing and industrial service companies. Based in Hanover,
NH, Tuckerman invests across the capital structure of its portfolio companies in partnership with
independent sponsors and operating executives. Tuckerman is currently investing out of its fourth fund and
has made nineteen platform investments since the firm’s founding in 2001.

About Duravant
Headquartered in Downers Grove, IL, Duravant is a global engineered equipment company with an over
100-year operating history. Through their portfolio of operating companies, Duravant delivers trusted endto-
end process solutions for customers and partners through engineering and integration expertise, project
management and operational excellence. With worldwide sales distribution and service networks they
provide immediate and lifetime aftermarket support to all the markets they serve in the food processing,
packaging and material handling sectors. Duravant’s market-leading brands are synonymous with
innovation, durability and reliability. Duravant has manufacturing facilities and sales offices throughout
North America, Europe and Asia. For more information about Duravant and the Duravant family of
operating companies, please visit www.duravant.com.