LFM Capital has made an investment in Bridgman, Michigan-based Pratt Industries, a maker of specialized trailers and chassis. No financial terms were disclosed.
NASHVILLE, TN – July 17, 2018 – LFM Capital, a private equity firm focused on growth oriented, lower middle market manufacturing and industrial services businesses, announced today that it has invested in Pratt Industries, Inc.
Pratt Industries, headquartered in Bridgman, Michigan, designs and manufactures specialized trailers and chassis including intermodal chassis, heavy haul trailers, housing/construction trailers, logging/mining trailers, and various other trailers for niche applications. Pratt has developed a niche for leading both the design and production of highly-engineered specialty trailers with an industry leading reputation for quality. Pratt’s customers include operators, leasing companies, and dealers of specialty trailers.
Pratt Industries was founded in 1973 by Bill Pratt and his father, Bob Pratt. Bill Pratt commented, “We are proud of what this company has achieved over its 40+ year history. Pratt has grown from a small designer and manufacturer of intermodal trailers to an industry leader that has created more than 4,000 distinct product builds. I was looking for a strong business partner that could help continue Pratt’s growth trajectory and provide day-to-day leadership so that I could continue to focus on product development. I feel confident LFM is the right partner because of their knowledge and experience as well as their focus on building sound and successful manufacturing businesses.”
LFM Managing Director Dan Shockley commented, “Pratt is an industry leader with strong brand recognition driven by innovative, highly engineered products as well as excellent customer service. Partnering with the exceptional team at Pratt, we plan to further invest in manufacturing capabilities with a focus on further growing their already robust product offering into new markets. We look forward to supporting what the Pratt team has done so well, while also being a resource to further accelerate growth.”
Commensurate with LFM’s investment, Steve Peters joined the Pratt team to lead the company as CEO. Steve brings 28 years of experience across roles in general management, operations, development and operations, including 13 years at Caterpillar.
Steve added, “I am excited and lucky to join the team at Pratt, where the employees have built a reputation for creating innovative and high-quality products. I look forward to leveraging Pratt’s recent facility expansion to identify and execute product opportunities in new markets and for new customers.”
About LFM Capital
LFM Capital is a Nashville-based private equity firm focused on private lower middle-market U.S. manufacturing and industrial services companies with outstanding growth prospects. LFM currently manages a $110 million private equity fund that targets lead or control investments in market-leading niche manufacturing and industrial services companies with enterprise values in the range of $15 million to $75 million. The LFM team is led by experienced and successful Fortune 50 global executive managers and private equity professionals who bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle-market investing. LFM partners with management teams to drive business value through a combination of manufacturing and operations excellence, world-class executive management, and targeted growth and expansion strategies. For additional information, please visit www.lfmcapital.com.
About Pratt Industries, Inc.
Pratt Industries, Inc. designs and manufactures specialized trailers and chassis including intermodal chassis, heavy haul trailers, housing/construction trailers, logging/mining trailers, and various other trailers for niche applications. Pratt has developed a niche for leading both the design and production of highly-engineered specialty trailers with an industry leading reputation for quality. Pratt’s customers include operators, leasing companies, and dealers of specialty trailers primarily located in the U.S. and Canada. Pratt is headquartered in Bridgman, Michigan with an additional facility in nearby Niles, Michigan. Learn more about Pratt at www.prattinc.com.