Private equity firm May River Capital LLC has purchased and recapitalized Pride Engineering Inc.
Brooklyn Park, Minn.-based Pride designs and manufactures tools and equipment used to produce metal cans for the food and beverage industries. Terms of the transaction were not disclosed.
Chicago-based May River was founded in January 2012. The firm invests in middle-market companies in partnership with family offices, mezzanine funds, co-invest funds, executive and high net-worth individuals. The firm invested in Hi-Tech Manufacturing in July 2012, a components maker for the energy, medical equipment, scientific laboratory and industrial sectors. The firm is currently seeking add-on acquisitions for Hi-Tech, specifying that potential targets should have Ebitda of at least $3 million and revenue of more than $15 million, according to the website.
Franklin partners Inc. acted as Pride's financial adviser. Fifth Third Bank provided senior and subordinated debt financing for the recapitalization. Paul Hastings partners Brian Richards, Louis Hernandez and Jim Smulkowski advised May River on the deal, while Ravich Meyer provided legal advice to Pride.