Evergreen Pacific Partners Takes Majority Stake in SafeWorks: 10th Investment in a Pacific Northwest Company Since 2005

SEATTLE, WA--(Marketwired - Aug 7, 2014) - Evergreen Pacific Partners (Evergreen), Washington State's largest private equity fund, announced today that it has completed an acquisition of Seattle-based SafeWorks from Wynnchurch Capital. SafeWorks is a global leader in the manufacturing of suspended access products designed to enable its customers to work safely and productively at great heights in extremely demanding environments. Scott Farrell will remain as CEO.

Founded more than 60 years ago, SafeWorks offers fully integrated manufacturing and engineering solutions for customers that require aerial access for construction, repair or maintenance. Driven by customer needs, SafeWorks designs and builds hoists, service lifts, climb assist systems, platforms, rigging devices and other safety products and provides training and services. In its end market, the company is #1 by market share in the United States and #2 in Europe.

SafeWorks' products are used on commercial real estate projects, in the construction, maintenance, repair and overhaul ("MRO") market for heavy machinery and equipment (including wind power turbines), and on industrial facilities and major infrastructure assets for a diverse customer base in a variety of industries. The company sells its products under the following brands:

• Spider: products are sold and rented exclusively through 24 company owned branches in the Americas primarily for commercial real estate, infrastructure and industrial uses;
• Power Climber: products sold worldwide are through a global sales force to 150+ dealers.
• Power Climber Wind: products are sold through a global sales force to Wind Power original equipment manufacturers (OEMs), service companies and Wind Plant Owners.
  
  

"SafeWorks is a company with a solid leadership position in end markets that are experiencing global growth," said T.J. McGill, co-founder and managing partner of Evergreen Pacific Partners. "With its seasoned management team, strong network of distribution partners and demonstrated ability to innovate and deliver new products, SafeWorks is poised for continued strong growth in the U.S., Europe and the rest of the world."

"With this investment from Evergreen we are ready to reach new heights in our company's growth," said Scott Farrell, CEO of SafeWorks. "We will continue to invest in new technologies and products to better serve the needs of our existing customers and partners, while looking forward to advancing aerial access and safety solutions that raise the bar for the entire industry."

This is the 10^th investment in a Pacific Northwest-based business since 2005 for Evergreen Pacific Partners, which manages two private equity funds totaling $700 million. Evergreen invests in traditional buyouts, management led buyouts, and growth equity investments involving traditional middle-market companies in the Western U.S. and Canada. Its investors include foundations, endowments, pension funds, and West Coast-based CEOs with experience in Evergreen's target industries.

About Evergreen Pacific Partners
Based in Seattle, Wash., Evergreen Pacific Partners currently manages two private equity funds totaling $700 million, with a focus on investing in traditional, middle-market companies in Western North America. Evergreen Pacific was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger. Evergreen Pacific's acquisitions and investments include Vantage Mobility International (Phoenix, Ariz.), Gene Juarez Salons & Spas (Seattle, Wash.), Good Source Solutions (Carlsbad, Calif.), Haney Truck Line (Yakima, Wash.), Puget Sound Truck Lines, Inc. (Seattle, Wash.), Nickel Plate Express, Inc. (Portland, Ore.), Nuprecon (Snoqualmie, Wash.), CST Environmental (Brea, Calif.), Marcor Environmental (Baltimore, MD), Radiant Imaging, Inc. (Redmond, Wash.), Zemax Development Corporation (Redmond, Wash.) Thermal Dynamics (Ontario, Calif.), PAC Stainless (Seattle, Wash.), Span Alaska (Auburn, Wash.) and SafeWorks (Seattle, Wash.).