Rotunda Capital Partners Recapitalizes MacQueen Equipment
BETHESDA, Md.--(BUSINESS WIRE)--Rotunda Capital Partners, LLC (Rotunda Capital), a lower middle-market private equity firm, has acquired a majority stake in MacQueen Equipment, LLC (MacQueen). The investment will provide for the continued growth and expansion of one of the leading Federal Signal, Pierce, Oshkosh and Heil dealers in the United States. The management team at MacQueen will retain a significant equity interest and will continue leading the business. Terms of the transaction were not disclosed.
Founded in 1961, MacQueen sells Elgin street sweepers, Vactor trucks, Oshkosh snow removal equipment and Heil refuse trucks to municipalities and commercial customers, including utilities and contractors throughout Minnesota, Iowa, Nebraska, and Wisconsin. In addition, MacQueen sells Pierce fire apparatus throughout Minnesota, North Dakota, South Dakota, Nebraska, and Missouri. MacQueen is one of the few national dealers to provide a full suite of services, including maintenance, parts and supplies, used equipment sales and a robust rental fleet.
“Our unique expertise in investing in distribution and specialty finance companies fits perfectly with MacQueen’s business model of selling equipment and parts over a multi-state territory and operating a large national rental fleet,” said John Fruehwirth, managing partner at Rotunda Capital. “Over the last decade, Rotunda has built and executed playbooks in these industries. We are confident our experience and resources will help MacQueen and the management team expand the company’s reach and offerings and provide a solid platform for even more growth.”
“This deal continues Rotunda’s foundation of acquiring family and founder-owned companies and partnering with strong management teams to expand on their existing value proposition,” added Dan Lipson, partner at Rotunda Capital. “Over the last half century, MacQueen’s team has built a leading regional equipment and rental business that is truly impressive, and they are well-positioned to serve their customers’ growing demand for high quality products, services and parts. We’re committed to helping them achieve new heights through both organic growth and potential acquisitions.”
Many industry trends are driving increased demand for MacQueen’s products. Municipal regulations such as safe digging laws, EPA guidelines for removal of pollutants from streets, and aging sewers are driving growth in the sales of new equipment and parts as well as servicing of existing equipment. Growth in utility services, construction, and municipal regulations are driving a strong demand for rental units.
“As we evaluated our options for growing the company, it became clear that Rotunda was an ideal partner for us to assist our company in the next stage of expansion,” said Curt Steffen, retiring CEO of MacQueen.
“Rotunda brings tremendous expertise to our business segments,” added Dan Gage, incoming CEO of MacQueen. “We’ve outlined a strategy together that will allow the management team to aggressively expand to new regions while continuing to invest in our core market.”.
About MacQueen Equipment
Founded in 1961, MacQueen sells Elgin street sweepers, Vactor trucks, Pierce fire trucks, Oshkosh snow removal equipment and Heil refuse trucks to municipalities, fire departments and commercial customers. MacQueen offers a full suite of parts and services out of its five locations in St. Paul and Apple Valley, Minnesota; Menomonee Falls, Wisconsin; Ankeny, Iowa; and Lincoln, Nebraska. For more, visit www.macqueengroup.com.
About Rotunda Capital
Rotunda Capital Partners is a private equity firm that invests equity capital in established and profitable lower middle market companies. As an independent deal sponsor, Rotunda Capital raises and invests the capital of its principals, institutions, family offices and high net worth individuals on a deal-by-deal basis. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, specialty finance, and business services. Rotunda Capital partners with industry leading operating executives to grow each portfolio company. Since 2009, Rotunda Capital has completed twelve platform investments and realized four exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com.