Laud Collier & Co. has acquired Tread Corp., a manufacturer of bulk handling and processing equipment for the explosives industry. PNC Business Credit provided debt, while junior capital came from Gladstone Investment Corp. and Argosy Investment Partners. Ewing Bemiss & Co. advised Tread on the deal. No financial terms were disclosed.
Laud Collier & Company, LLC, a New Jersey-based private equity firm has led an investor group in the acquisition of Tread Corporation, a world leader in the manufacturing of bulk handling and processing equipment for the explosives industry. Investors in Tread include Gladstone Investment Corporation, Argosy Investment Partners and management. Tread's owners were advised by Ewing Bemiss & Company.
Founded in 1957, Tread offers a half-century of service and solutions to an international customer base by providing complete explosives storage, handling and delivery systems. Tread's product line includes bulk explosives trucks, storage bins, storage magazines, rail car unloading facilities, mixing plants and emulsion manufacturing plants.
R. Barry Uber will serve as Executive Chairman of Tread's new board of directors. Mr. Uber was formerly a corporate officer with Ingersoll Rand Corporation and also served as the President of Ingersoll Rand's Construction and Mining Equipment Group. Bill McClane, previously Group President with Terex Corporation has joined Tread as its new Chief Executive Officer. “Tread is led by a great team, with an excellent reputation for quality, service and innovation,” notes McClane. “The company is well positioned to provide highly specialized handling and processing equipment to the extractive industries.”
“We are excited to have been able to team with such an experienced group of operating executives, directors and financial partners for this transaction,” notes Paul Laud, principal of Laud Collier & Company and vice chairman of Tread. He added, “Tread has built a global brand in equipment used in the excavation of coal, minerals, aggregate and other natural resources which makes it an exceptional platform for growth.”
Bank financing for the transaction was provided by PNC Business Credit, a leading lender to middle-market companies. Junior capital was provided by Gladstone Investment Corporation (www.gladstoneinvestment.com) and Argosy Partners (www.argosycapital.com). Gladstone is a specialty finance company that makes loans to and investments in small and medium sized companies poised for growth with experienced management teams who have significant ownership stakes in the business. Since 1990, Argosy Partners' experienced investment team has provided operating and financial expertise to lower middle market companies across a broad range of industries. Argosy partners with motivated management teams investing in companies with sustainable competitive advantages and growth prospects.
About Laud Collier & Company
Laud Collier & Company (www.lccap.com) is a private equity firm focused on acquiring controlling interests in U.S. based middle-market manufacturing, distribution and service businesses. Laud Collier believes that value in these businesses can be enhanced through acquisitions, new product introductions, and operational improvements. The firm's Executive Council, consisting of owners and operators of middle-market companies, assist the principals in the development and execution of these value enhancement strategies. Laud Collier takes pride in building, mentoring and coaching the management teams of its portfolio companies.