GenNx360 Capital Partners (“GenNx360”), a New York-based private equity firm, is pleased to announce that it has entered into a definitive agreement to sell its portfolio company.
Salford Group (“Salford” or “the Company”), a leading manufacturer of tillage and crop nutrition application equipment, to Linamar Corporation (TSX:LNR) (“Linamar”), for $260 million CAD, subject to post-closing adjustments. The transaction is expected to close post customary closing conditions.
During GenNx360’s investment in Salford, the Company experienced impressive organic growth and enhanced its profitability through product enhancements, instillation of a culture of operational excellence, and continuous attention to its customers’ requirements for a high-quality product and short lead times.
Salford also completed three strategic acquisitions during this time, BBI, Aerway and Valmar, which helped the Company expand its operating footprint and create a more comprehensive product portfolio.
“The success of our investment in Salford demonstrates GenNx360’s ability to execute on our investment strategy to substantially increase the Company’s revenue and profitability through synergistic acquisitions, operational efficiencies, and an unyielding commitment to customer service, we backed a strong management team headed by Geof Gray, Salford’s President and Chief Executive Officer. We are excited that this exit positions Salford for continued success, while also generating an attractive return for GenNx360’s Limited Partners,” added Lloyd.said Lloyd Trotter, a Founder and Managing Partner of GenNx360.
Winston & Strawn, McCarthy Tétrault, and Siskinds acted as legal counsel to Salford. Lincoln International served as the exclusive financial advisor to Salford on this transaction.
About GenNx360 Capital Partners
GenNx360 Capital Partners is a private equity firm focused on acquiring middle market business-to-business services and industrial companies.
GenNx360 invests in companies with proven and sustainable business models in expanding industries, with the objective of implementing value-enhancing operational improvements to accelerate growth, deliver efficiencies and generate strong financial returns.
Target industries include outsourced business services, industrial machinery and components, industrial services, automation & industrial technology, packaging products, equipment services, environmental services, and food ingredients/equipment/services. GenNx360 was founded in 2006 and is headquartered in New York City.
About Salford Group