Add-on Acquisition Marks Second Platinum Equity Small Cap Deal in Last Two Months
LOS ANGELES and SALT LAKE CITY (June 1, 2020) – Platinum Equity portfolio company Orbit Irrigation announced today the acquisition of Bond Manufacturing’s garden business from affiliates of the company’s founding family in a carve-out transaction. Financial terms were not disclosed.
Headquarted in Antioch, Calif., Bond is a manufacturer and distributor of irrigation and garden products, including hose and watering devices, long and short-handle garden tools, and grower supply goods. The company markets products under the owned brands Bond and Bloom, and licensed brands such as Black & Decker®, Craftsman®, DuPont™, Miracle Gro®, Scotts® and Stanley®.
Bond CEO Daryl Merritt, whose family founded the company more than 70 years ago, and Bond President Cam Jenkins will remain involved with the business to assist with the transition.
Orbit CEO Stuart Eyring said Bond’s garden business is a great fit.
“We have enormous respect for what the Merritt family has built and look forward to working with Daryl and Cam on the next chapter,” said Mr. Eyring. “Combining our businesses will help diversify our product mix and customer base, opening up new growth opportunities for all of us.”
Bond’s products are available across a broad range of big box retailers, hardware stores, grocery stores, nurseries, e-commerce retailers, and discount outlets. Orbit is a leading provider of irrigation systems and related products for the residential and commerical markets, including the company’s popular B-Hyve suite of smart irrigation products that help customers reduce water usage and save money.
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“I’m proud of everything our family and the entire Bond team has accomplished and we are confident the garden business will be in good hands going forward,” said Bond Chairman Ron Merritt. “Orbit has a similar heritage and we respect the way the company has preserved its culture as it continues to invest in the future.”
Platinum Equity acquired Orbit in February 2019.
“We are also grateful that Platinum is making good on its pledge to help us expand,” added Mr. Eyring. “We will continue looking for opportunities to grow organically and through additional acquisitions.”
Wilkie Farr & Gallagher served as legal counsel to Platinum Equity and Orbit on the transaction. PNC Bank, N.A., served as administrative agent for the transaction. Steel City Capital Funding, a division of PNC Bank, N.A., provided a portion of the financing.
The Bond acquisition represents the second buy-side transaction Platinum Equity’s Small Cap team has completed in the last two months, having also recently acquired Italian winemaker Farnese Vini.
Orbit’s mission is to bring smart technology to homeowners, landscape professionals and farmers across the globe. The company serves markets spanning six continents and 40 countries, and for decades has been a worldwide leader in designing and building innovative water optimization products. For more information, visit www.orbitonline.com.
About Bond Manufacturing
Since 1946 Bond Manufacturing has continued to lead the industry with consumer-driven hand and gardening tools. With a history of vast technology and design expertise in all categories, Bond Manufacturing is recognized for its innovative suite of products. Bond Manufacturing continues to provide breakthrough products while transforming the user experience. Bond Manufacturing has retained its patio furniture and outdoor heating business. For more information on Bond’s products, visit www.Bondmfg.com.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.