Bailey International Acquires Saanichton, BC-based Joystick and Controller Manufacturer Sure Grip ControlsTuesday, February 17, 2015
Vancouver, BC, February 17, 2015--(T-Net)--Bailey International LLC, a portfolio company of U.S.-based private equity firm Pfingsten Partners, announced today that it has acquired Saanichton, BC-based Sure Grip Controls Inc.
Sure Grip is a designer and manufacturer of joysticks, control grips and controllers for use on forestry, construction and other mobile hydraulic equipment.
The company sells a broad product portfolio with over 1,200 SKUs to a diverse customer base of OEMs and distributors.
Chicago-based Bailey is a manufacturer and distributer of fluid power components.
Brent Kornelson, CEO, Sure Grip Controls Inc.
“Our experienced team, with Bailey's operational and strategic expertise, will allow Sure Grip to take full advantage of opportunities in the marketplace,” said Brent Kornelson, Founder and Chief Executive Officer of Sure Grip. “We are excited about the next step in our journey and have the right partner to help us accelerate Sure Grip's growth.”
“Sure Grip is an outstanding business with a leading brand name in mobile hydraulics. They combine innovative design, quality products and high levels of service to deliver a total customer solution,” said Ken Baker, Chief Operating Officer of Bailey.
This is Bailey's first strategic acquisition since Pfingsten became the majority shareholder in April 2012.
“The acquisition of Sure Grip adds strength in the controller and human interface elements of electro-hydraulic systems and strongly supports our strategy for full systems designs for our customers,” said Kevin Bailey, Chief Executive Officer of Bailey.
No financial terms were disclosed for the deal.
About Sure Grip Controls
Sure Grip Controls was incorporated in 1996 to manufacture industrial control grips for the heavy equipment industry. The company started by supplying control grips to several major equipment manufacturers in the Canadian forest industry. Sales soon expanded to include Europe, the United States and New Zealand. We now supply mobile heavy equipment manufacturers around the world.
Sure Grip Controls Inc. received ISO-9001 accreditation in 2005 and has continued to expand their product line with the development of a variety of industrial grips, joysticks, and proportional control products.
Sure Grip has twice received recognition as one of Canada top 200 fastest growing companies by Profit magazine. Our goal is to ensure we are leading the industry in innovation and creating new opportunities for our customers.
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China and New Delhi, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised four investment funds with total commitments of approximately $1.0 billion and has acquired 102 manufacturing, and business services companies. For more information, visit pfingsten.com.
Photo Credit: ByMethod (who did industrial design work on Sure Grip Handles)
ByMethod is a well respected industrial design firm widely recognized for its creativity and solid technical expertise in creating innovative and functional product designs.
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