Chimney Rock Equity Partners Invests in Russell Equipment

AUSTIN, Texas--(BUSINESS WIRE)--Chimney Rock Equity Partners, LLC (“Chimney Rock”), an Austin-based private equity firm, announced today that it has made a strategic investment in Russell Equipment, Inc. (“Russell” or the “Company”), one of the world’s largest single sources for off-lease aftermarket material handling equipment, components and services. Terms of the transaction were not disclosed.

Headquartered in Twinsburg, Ohio, Russell is a critical connection point between leasing companies, equipment owners and dealers. Founded by the Russell family, the Company has grown significantly since starting with a single location in 1982 and now operates out of four strategic locations across the United States, serving customers in more than 25 countries. Mike Russell will remain active in charting the Company’s strategic direction as a member of the Board of Directors, and Jeff Stone, who has led the Company’s operations since 2021, will continue as President and Chief Executive Officer.

Robert Aikman and William Bishop, Partners at Chimney Rock, said, “We are excited to partner with Mike, Jeff and the entire Russell team to continue the Company’s significant expansion. Russell is a great entrepreneurial success story, and it has served as a reliable partner for its customers for many years. Russell operates under the core philosophy of ‘Integrity. Compassion. Evolution.’, which aligns well with our principles at Chimney Rock.”

Mike Russell said, “My family is incredibly proud to have owned Russell Equipment for nearly 45 years and to have built it from a single-location operation to one of the largest independent players in the material handling aftermarket. We deeply value the relationships we have developed over decades with our leasing and equipment owner partners we purchase from, as well as the dealer customers that purchase from us. I am extremely excited about the future for Russell with Chimney Rock as our partner, helping us pursue significant growth opportunities through organic expansion and acquisitions.”

Russell is Chimney Rock’s latest investment in the Industrial Products & Services end market, following its investment in Gas Clip Technologies, a leader in the portable gas detector market with products that help protect workers in the world’s toughest environments.

Stephens Inc. served as financial advisor to Chimney Rock, Sheppard served as legal counsel, and KPMG provided financial and tax advisory services. Eide Bailly served as financial advisor to the seller and BakerHostetler served as legal counsel.

For more information about Russell Equipment, please visit www.russellequipment.com.

About Chimney Rock Equity Partners

Chimney Rock is a private equity investment firm focused on the North American lower middle market industrials sector that seeks platform opportunities specifically in the Aerospace & Defense, Industrial Products & Services, and Niche Products & Services end markets. Chimney Rock takes a thematic approach to investing where the firm can create value through a buy-and-build strategy as the first active capital. Chimney Rock seeks to deliver value by partnering with management teams to execute carefully planned and repeatable value creation strategies. For more information about Chimney Rock, please visit www.chimneyrockequity.com.