CLEVELAND, March 14 /PRNewswire/ — Kirtland Capital Partners has sold PDM Bridge, LLC to American Securities Capital Partners, LLC. Terms of the transaction were not disclosed. The investment returned a 3.8x multiple of Kirtland Capital Partners’ original investment.
In addition to providing capital, Kirtland also assisted with strategic direction and operating resources that enabled PDM to generate substantial top- and bottom-line growth. Under Kirtland’s ownership, the company expanded its geographic footprint, developed a long-range strategic plan, pursued add- on acquisitions, and implemented Six Sigma and Lean Manufacturing processes.
Kirtland purchased PDM Bridge from Pitt-Des Moines, Inc. in 2002 and added it as a platform business to its Kirtland Capital Partners III fund. Proceeds from the sale were used to repay debt and provide a return of capital to investors.
“PDM Bridge fit squarely in our wheelhouse as it is a niche business with strong management and meaningful competitive advantages,” said Dave Halstead, Kirtland managing partner. “Our business relationship was an ideal situation as we were able to add value to the PDM management team and enable them to realize the company’s potential during our ownership.”
About PDM Bridge
PDM Bridge, headquartered in Eau Claire, Wisconsin, is a leading fabricator of structural steel components for the construction and renovation of bridges in the United States.
About Kirtland Capital Partners
Kirtland Capital Partners is a leading, relationship-oriented private equity firm focused on investments in middle-market businesses. Its targets are niche manufacturing, distribution and business-to-business service companies. The firm provides its portfolio companies significant operating, financial and strategic resources to accelerate growth. Kirtland seeks opportunities with mature businesses that are well-positioned competitively and have excellent growth potential. The firm has $325 million of capital under management.
