Charlotte, NC – December 15, 2020 – Broadtree Partners LLC (“Broadtree”), a lower-middle market private equity firm, announced today that it has acquired Precision Devices Inc, (“Precision” or the “Company,”) a 40-year-old remanufacturer and aftermarket supplier of components and parts for the material handling industry. The acquisition was supported by Bank Prov.
Founded in 1981, Precision has a history of dedication to its customers, providing high-quality rebuilt components and parts for the material handling industry. The Company remanufactures electric motors, gearboxes, drive units and other components for electric industrial trucks. Additionally, Precision supplies frequently needed parts for forklifts and warehouse operations through a mobile distributor model. Based in Wallingford, Connecticut with additional branches in key Northeast locations, the Company serves over 400 customers’ parts needs nationwide.
Dan Brunstetter, who previously served in the United States Marine Corps and worked in investment banking at Bank of America Merrill Lynch, has been appointed CEO of the Company. Current owners Bill Bacha and Mark Hoover will continue to support Precision’s operations and customer-centric service model and provide meaningful leadership and guidance in the growth of the new company.
“Precision Devices has a fantastic reputation in the industry based on its focused customer service approach,” said Johannes Zwick, Managing Partner at Broadtree. “We are excited to continue Bill and Mark’s legacy and look forward to growing the company by continuing to emphasize excellent customer service.”
“Precision has been critical to its customers’ logistics operations for 40 years,” said Dan Brunstetter of Precision Devices. “I look forward to continuing that legacy by working closely with Bill, Mark, and the Precision team. We have an excellent platform to build on and continue the high level of service for which Precision is known.”
“Mark and I are extremely proud of the company we have built over the past 35+ years and are excited to see what is in store in the years ahead,” said Mr. Bacha. “We have the utmost confidence that Dan will be a good steward of the business and that it will continue to deliver top-notch customer service under his leadership.”
Moore & Van Allen served as legal advisor to Broadtree. Principals of Klar Ventures and Hinkley Allen served as transaction and legal advisors to Precision Devices.
About Broadtree Partners
Broadtree Partners, headquartered in Charlotte, North Carolina, is a lower-middle market PE firm with an operator-centric model. Broadtree’s unique executive-in-residence approach allows owners to either smoothly exit their companies and seamlessly change leadership while preserving their legacy; or to bring operational and financial resources to a founder-led team to further accelerate growth. Broadtree’s team of operators and entrepreneurs work very closely with owners throughout the transaction process and transition to running the day-to-day operations after an acquisition. Broadtree seeks to partner with business owners and entrepreneurs to provide operational resources and institutional capital to transform and grow founder-owned businesses in the lower-middle market. Broadtree’s goal is to fuel stable, long-term growth while preserving the company’s core values.
Learn more at www.broadtreepartners.com
About Klar Ventures
Klar Ventures is a growing professional services firm, providing mergers and acquisition as well as cost optimization advisory services with a success fee orientation that drives alignment with its clients. Headquartered in Charlotte, North Carolina, Klar Ventures advises middle market clients across numerous industry verticals primarily in the United States and Canada. Learn more at www.klarventures.com.
About Bank Prov
Bank Prov is a direct lender headquartered in Amesbury, Massachusetts. Serving local communities for over 200 years, Bank Prov is an innovative commercial bank that finds solutions for business and private clients. Bank Prov is committed to strengthening the economic development of the region it serves.
Learn more at www.bankprov.com
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