AUSTIN, Texas--(BUSINESS WIRE)--Blue Sage Capital and Hanover Partners are pleased to announce their recently completed investment in Ligchine International Corporation ("Ligchine"). With primary manufacturing facilities in Darien, WI and an additional office in Floyds Knobs, IN, Ligchine is a globally-recognized, leading designer, manufacturer and marketer of laser-guided boom operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver™ banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers.
Ligchine’s co-founders, Gary and Peter Ligman, commented, “We are excited to partner with Blue Sage and Hanover to accelerate our Company’s growth trajectory. Both Blue Sage and Hanover have a strong track record leveraging their strategic and financial resources to help founder-owned businesses reach their full potential. We believe the investment will enable us to reach more customers while elevating our already top service levels.” Ligchine’s sales and distribution reach all corners of the world.
Eric Weiner, Partner at Blue Sage, stated, "Ligchine is the prototypical Blue Sage investment. Ligchine is a family business with significant market leadership and multiple avenues for growth.” John Palmer, Principal at Hanover, added, “Ligchine continues Hanover’s nearly 25-year tradition of investing in engineered product manufacturers serving niche markets. We look forward to supporting the Company’s impressive growth and scaling its sales worldwide.”
Blue Sage and Hanover were represented in the transaction by Queen Saenz + Schutz PLLC and Perkins Coie LLP (Legal), Lockton Companies (Insurance), Asenti Diligence Partners, LLP (Accounting) and Flieller, Kruger, Skelton & Plyler PLLC (Tax).
About Blue Sage Capital
Blue Sage Capital is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of small middle market companies. With over fifteen years as a team and over $200 million in assets under management, we have extensive experience transitioning founder-run businesses and seek companies with leadership in their niche. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $3 million to $12 million of cash flow. Blue Sage invests in a variety of industries, with each initial investment typically ranging from $10 million to $20 million.
About Hanover Partners
Founded in 1994, Hanover Partners is a private equity firm with offices in Portland, OR and San Francisco, CA. Hanover invests in lower middle-market manufacturers of proprietary, highly-engineered products, including makers of industrial equipment, test & measurement products, and niche branded consumer products. Within these sectors, the firm focuses on companies with $1.5 million to $8 million of operating income. With the addition of Ligchine International Corporation, Hanover’s current portfolio of companies consists of seven companies located across the United States.