LOS ANGELES and SALT LAKE CITY – Platinum Equity announced the acquisition of Pro-Mark, the parent company of Orbit Irrigation and Hydro-Rain, from affiliates of the company’s founders. Financial terms were not disclosed.
Headquartered in Salt Lake City, Orbit is a provider of irrigation systems and related products for the residential home improvement markets. Hydro-Rain serves the professional market with a line of contractor-grade irrigation and lighting products.
Pro-Mark was founded by Max Ericksen in 1971 and over40 years his family built Orbit into a global distribution network with products available in 40 countries and all 50 U.S. states.
“Orbit has created a successful business through a combination of product innovation, quality
Orbit’s product line includes hose-end devices, controllers, timers, underground irrigation systems and other accessories sold primarily through retail and e-commerce channels.
Orbit CEO Stuart Eyring will remain in his current position following the transition to new ownership.
“This is exciting news for our company and our customers,” Eyring said. “With Platinum Equity’s support, we’ll be able to make additional investments in growth and new technology. We are very excited about the opportunities ahead of us.”
Former Pro-Mark Chairman David Beck said Platinum Equity and Orbit are a great fit.
“We sought a partner with the financial resources and operational know-how to take a family-owned, entrepreneurial business to the next level,” Beck said. “It was clear Platinum Equity values the culture we created over the past 40 years and has great depth of experience helping businesses like Orbit maximize their potential.”
Former Orbit CEO K.C. Ericksen, representing brothers Greg, Mike
“We are proud of everything Orbit has accomplished and
Kotzubei said the Orbit acquisition also reflects Platinum Equity’s commitment to investing in the lower middle market as the firm continues to grow.
“We are very active in the lower middle market and Orbit represents another exciting opportunity for Platinum to create value in that space,” Kotzubei said.
Wilkie Farr & Gallagher served as Platinum Equity’s legal counsel on the acquisition of Pro-Mark. PNC Bank, N.A., served as administrative agent for the transaction. Steel City Capital Funding, a division of PNC Bank, N.A., provided a portion of the financing.
Bennett Tueller Johnson & Deere served as legal counsel to Pro-Mark. Lincoln International served as exclusive investment banking representative to Pro-Mark on the transaction.