Private equity firm completes acquisition of RedPrairie; Spacesaver acquires Compact Storage Systems
Private equity firm completes acquisition of RedPrairie
New Mountain Partners III LP, a New York private equity fund sponsored by New Mountain Capital LLC, has completed its acquisition of RedPrairie Holding Inc., a Town of Brookfield-based provider of productivity software solutions.
“The completion of this acquisition marks an exciting new chapter in RedPrairie’s history,” said Mike Mayoras, who will remain as the chief executive officer of RedPrairie. “We believe there are many exciting opportunities to further accelerate our business, provide more value to our customer base, and enter new markets. We look forward to working with New Mountain, our new board members, our employees and customers to capitalize on these opportunities.”
Alok Singh, managing director of New Mountain, said, “RedPrairie has consistently added meaningful value to its customers through its market-leading productivity solutions, all aimed at enhancing the efficiency and effectiveness of the operations of its world class customers. We intend to work closely with RedPrairie’s management team and help them accelerate their growth and strategic development with the goal of providing enduring value to customers and further build on their existing position of being a leading productivity solutions provider.”
In addition to Mayoras, the RedPrairie senior management team will remain in place.
Spacesaver acquires Compact Storage Systems
Spacesaver Corp. of Fort Atkinson has acquired Waukesha-based Compact Storage Systems (CSS), a maker of industrial, heavy-duty carriage systems used to compact racking and shelving into high-density footprints.
With the acquisition of CSS, Spacesaver president Paul Olsen said Spacesaver is now strongly positioned to help manufacturers and companies in the material handling and logistics industry improve profitability.
The management and sales team of CSS has joined Spacesaver, which currently has more than 500 employees.
“Companies that make products and/or distribute them are under constant pressure to get more out of their existing facilities, especially in today’s economic, risk-sensitive environment,” Olsen said. “Now we’re in an excellent position to partner with them to get it done. By acquiring CSS, we have the products and business infrastructure necessary to help companies rethink their existing space – and leverage the benefits of our compacting carriage systems to create more lean and profitable operations.”
Spacesaver’s acquisition of CSS represents a significant growth opportunity for the company, said Jim Muth, vice president of industrial marketing and product development for the new venture.
“CSS’s established distribution network will become part of the Spacesaver Group of independent distributors,” said Ken Bowman, the new venture’s vice president of sales and distribution. “We also look forward to rapidly growing our distributor network focused on helping manufacturers and those in the materials handling and logistics industry leverage these systems to meet their unique business needs.”
Financial details of the acquisition were not disclosed.
