Norwest Equity Partners has invested in Ramsey Industries Inc., a U.S. manufacturer of service cranes and winch tools.
Founded in 1994 as Ramsey Brothers Tool & Die, Ramsey Industries makes hydraulic cranes, truck bodies, commercial winches, brakes for industrial equipment, and planetary gear drives. The Tulsa, Oklahoma-based target operates from three branded subsidiaries to include: Auto Crane, Eskridge and Ramsey Winch. Ramsey Industries also owns a production facility in Olathe, Kansas where Eskridge’s gear drives are manufactured. Financial terms of the investment were not disclosed.
Founded in 1961, Norwest Equity is a Minneapolis, Minnesota-based private equity firm that invests in growing and scalable middle-market companies. The firm focuses heavily on the agriculture, business services, consumer, distribution, industrials, energy, and healthcare sectors. In November 2016, the firm sold carpet manufacturer Stanton Carpet Corp. to Quad-C Management.
The middle market has been swarming with deal activity across the industrials and manufacturing sectors. Related deals include: Circor International Inc. (NYSE: CIR) paying $855 million for the fluid handling business of Colfax Corp. (NYSE: CFX);Tech Air’s completed deal to buy two welding suppliers; Berkshire Hathaway Inc.’s purchase of Wilhelm Schulz GmbH; Liberty Hall Capital Partners’ acquisition of aerospace parts supplier ZTM Inc.; and LFM Capital’s investment in hydraulic clamps maker Vektek LLC.