Location

Greensboro, NC

Industry

Industrials

Investment Status

Realized

Investment Date

Dec 2018

Realized Date

Apr 2022

Sold to

Gridiron Capital

Company Information (At Exit)

Investment Thesis

Platte River Value Add

Company Information (At Exit)

  • Headquartered in Greensboro, NC, VSG is a vertically integrated manufacturer, distributor and retailer of high consequence-to-cost arborist and work-at-height products for users requiring solutions that enhance safety, performance and ergonomics
  • Market leader and industry consolidator with established brands recognized for safety and quality across a diversified customer bas

Investment Thesis

  • Industry: Highly resilient core arborist market, with several attractive adjacent at-height markets including electric utility, industrial rope access, technical rescue and recreational climbing
  • Opportunity: Invest in a globally recognized brand with stable and recurring revenue due to safety requirements, ongoing product wear and severe weather event-driven demand
  • Strategy: Recruit key senior managers, expand owned-product offering, increase penetration of large accounts, broaden geographic reach, leverage VSG’s e-commerce capabilities and pursue accretive add-on acquisitions

Platte River Value Add

  • Completed management team buildout with hiring of CFO, COO, CTO, head of supply chain and head of product development
  • Opened new distribution center to enable company to efficiently serve entire US within two-day shipping radius
  • Implemented new warehouse and inventory management systems, and developed business intelligence software for financial reporting and KPI tracking
  • Operational support of add-on acquisition identification, execution and integration
  • Completed seven add-on acquisitions, increasing market share, adding new products / capabilities, expanding geographically and penetrating adjacent end markets
  • VSG net sales grew 142%, and EBITDA more than doubled under Platte River ownership
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In-Place Machining Company ("IPM")

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