#Orbit irrigation professional

Steel City Capital Funding, a division of PNC Bank, N.A., provided a portion of the financing.īennett Tueller Johnson & Deere, LLC served as legal counsel to Pro-Mark. PNC Bank, N.A., served as administrative agent for the transaction. Wilkie Farr & Gallagher served as Platinum Equity’s legal counsel on the acquisition of Pro-Mark. “We are very active in the lower middle market and Orbit represents another exciting opportunity for Platinum to create value in that space,” said Mr. 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 proud of everything Orbit has accomplished and know the company has a bright future ahead,” said Mr. Ericksen, representing brothers Greg, Mike and Steven, who also served in senior leadership roles at the company, said the business is well positioned for continued growth. “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.”įormer Orbit CEO K.C. “We sought a partner with the financial resources and operational know-how to take a family-owned, entrepreneurial business to the next level,” said Mr. We are very excited about the opportunities ahead of us.”įormer Pro-Mark Chairman David Beck said Platinum Equity and Orbit are a great fit. “With Platinum Equity’s support, we’ll be able to make additional investments in growth and new technology. “This is exciting news for our company and our customers,” said Mr. Orbit CEO Stuart Eyring will remain in his current position following the transition to new ownership. Orbit is a leader in “smart watering” technology and the company’s popular B-Hyve suite of products help customers reduce water usage and save money. Orbit’s product line includes hose-end devices, controllers, timers, underground irrigation systems and other accessories sold primarily through retail and e-commerce channels.

There are opportunities to deploy operational best practices throughout the organization and leverage the company’s brand to drive additional growth in both core and adjacent markets.”

“With the addition of our financial, operational and M&A resources to support the company’s growth, Orbit is poised to take yet another significant step forward. “Orbit has created a successful business through a combination of product innovation, quality and entrepreneurial spirit,” said Platinum Equity Partner Jacob Kotzubei. Pro-Mark was founded by Max Ericksen in 1971 and over more than 40 years his family built Orbit into a global distribution network with products available in 40 countries and all 50 U.S.

#Orbit irrigation professional

Hydro-Rain serves the professional market with a line of contractor-grade irrigation and lighting products. Headquartered in Salt Lake City, Orbit is a leading provider of irrigation systems and related products for the residential home improvement markets. 06, 2019 (GLOBE NEWSWIRE) - Platinum Equity announced today the acquisition of Pro-Mark, the parent company of Orbit Irrigation and Hydro-Rain, from affiliates of the company’s founders.