Bailey International LLC, a portfolio company of U.S. private equity firm Pfingsten Partners, has bought Sure Grip Controls Inc. No financial terms were disclosed for the deal. Based in Saanichton, British Columbia, Sure Grip is a maker of joysticks, control grips and controllers for use on forestry, construction and other mobile hydraulic equipment. Update: Based in Chicago, Bailey is a manufacturer and distributer of fluid power components. Its acquisition of Sure Grip is the first since the company was bought by Pfingsten Partners in April 2012.
Pfingsten Partners Expands Electro-Hydraulic Systems Platform
Bailey International Acquires Sure Grip Controls
Chicago, Illinois – February 10, 2015 Pfingsten Partners, L.L.C. (“Pfingsten”) announces that its portfolio company, Bailey International, L.L.C. (“Bailey”) has acquired Sure Grip Controls, Inc. (“Sure Grip”) in Saanichton, British Columbia. Sure Grip is a designer and manufacturer of joysticks, control grips and controllers for use on forestry, construction and other mobile hydraulic equipment. The company sells a broad product portfolio with over 1,200 SKUs to a diverse customer base of OEMs and distributors.
“Our experienced team, with Bailey’s operational and strategic expertise, will allow Sure Grip to take full advantage of opportunities in the marketplace,” said Brent Kornelson, Founder and Chief Executive Officer of Sure Grip. “We are excited about the next step in our journey and have the right partner to help us accelerate Sure Grip’s growth.”
“Sure Grip is an outstanding business with a leading brand name in mobile hydraulics. They combine innovative design, quality products and high levels of service to deliver a total customer solution,” said Ken Baker, Chief Operating Officer of Bailey. This is Bailey’s first strategic acquisition since Pfingsten became the majority shareholder in April 2012.
“The acquisition of Sure Grip adds strength in the controller and human interface elements of electro-hydraulic systems and strongly supports our strategy for full systems designs for our customers,” said Kevin Bailey, Chief Executive Officer of Bailey.
The transaction was completed on February 2, 2015. To learn more about Bailey International or Sure Grip, visit www.baileynet.com or www.suregripcontrols.com.
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China and New Delhi, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised four investment funds with total commitments of approximately $1.0 billion and has acquired 102 manufacturing, distribution and business services companies. For more information, visit pfingsten.com.
Photo courtesy of Shutterstock