Lower and middle-market private equity investor Prospect Partners has recapped Landmark Irrigation Inc., a Madera, Calif.-based provider of custom agricultural systems. Terms of the recapitalization were not released. Landmark Irrigation is a portfolio company of Prospect Partner III, L.P.
Prospect Partners, LLC, a leading private equity firm investing in smaller lower-middle-market companies, today announced the management-led recapitalization of Landmark Irrigation, Inc., a Madera, Calif.-based provider of custom agricultural systems. Landmark Irrigation (www.landmarkirrigation.com) becomes the third portfolio company of Prospect Partner III, L.P., and Prospect Partners’ 39th overall since 1998.
Founded in 1990, Landmark Irrigation is a full-service designer and installer of custom agricultural irrigation systems for Central California’s farm community, specializing in drip and micro-sprinkler systems. Prospect Partners’ recapitalization, with two of Landmark Irrigations’ founders, paves the way for further investment in the company’s internal growth and in geographic expansion through add-on acquisitions of other irrigation system providers in California’s Central Valley and elsewhere in the western United States.
As you may know, Chicago-based Prospect Partners is a leading private equity firm investing in niche market leaders with revenues typically under $75 million. The firm focuses on management-led leveraged recapitalizations and acquisitions and is a highly experienced, active, and committed small-company investor. Since 1998, Prospect Partners has invested opportunistically nationwide in over 85 companies in a broad range of niche manufacturing, distribution and specialty service markets.
The other portfolio companies in Prospect Partners’ $200 million third fund, Prospect Partners III, L.P., are: Prospect Water Co., a Lombard, Ill.-based provider of water treatment products and services through independently franchised dealers; and SurePoint Holdings, LLC, of Lawrence, Kansas, a nationwide provider of direct-to-consumer diabetes supplies and services. Prospect Partners III, L.P. closed in August, 2010.