Greensboro, NC



Investment Status


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
  • Established brands recognized for safety and quality across a diversified customer base

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

PRV Aerospace

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