Raben Holdings LLC, a portfolio company of Palladium Equity Partners, has bought the assets of Otterbein, Indiana-based Coogle Tire Service, a provider of agricultural tires. No financial terms were disclosed.
Evansville, Indiana, July 22, 2015 – Raben Holdings, LLC (“Raben Tire”) announced today that it has acquired the assets of Coogle Tire Service in Otterbein, Indiana.
“Coogle Tires has been servicing Central and Northern Indiana and Central Illinois since 1974 and is known as a leading provider of agricultural tires in its markets,” said Eric Glover, President of Raben Tire Company. “We are excited about the acquisition and look forward to building upon the 40 year legacy established by founder Garry Coogle.”
“We have been truly fortunate to have served our customers for more than 40 years,” said Gary Coogle, owner of Coogle Tires. “We know our customers will be in good hands with Raben Tire and will receive the same high quality products and services they have received from us over the years,” said Coogle.
“Not only does this acquisition align well with our growth strategy, it reinforces Raben Tire’s commitment to extend the reach of our network to better serve customers across the Midwest,” said Glover.
A fund managed by Palladium Equity Partners, LLC (along with affiliates, “Palladium”) made a significant investment in Raben Tire at the end of 2014. “My partners and I look forward to supporting the continued growth of Raben,” said Luis Zaldivar, a Managing Director of Palladium. “Through Raben Tire, we seek to accelerate the consolidation of a fragmented industry by providing family-owned businesses with new liquidity and transition opportunities.”
About Raben Tire Co., LLC
Raben Tire is an independent tire dealer offering new and retreaded tires as well as automotive services to retail, commercial, and wholesale customers. The Company operates 26 stores, two wholesale distribution centers, and three retreading facilities across five Midwestern states. Raben Tire carries a diverse product portfolio, including passenger, truck, farm, off road, and motorcycle tires. For additional information, please visit www.rabentire.com or call (812) 465-5565.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with over $2.0 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.0 billion of capital in more than 20 platform investments and over 50 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.