RICHMOND, Va. and ST. LOUIS, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Tuckahoe Holdings (“Tuckahoe”), a family-run diversified holding company, today announced the acquisition of Gateway Dealer Network (“GDN” or the “Company”), a prominent provider of industrial equipment, from Brightstar Capital Partners (“Brightstar”), a middle market private equity firm. GDN CEO John Hopper and the senior management team are expected to continue to lead the Company moving forward. The terms of the transaction were not disclosed.
Headquartered in St. Louis, Missouri, GDN operates principally as a provider of Bobcat®-branded industrial equipment across a footprint of 31 locations in 10 states throughout the Midwest, Southeast, and Western US. In addition to operating as a dealer of new and used equipment, the Company provides parts and services for industrial equipment and maintains a rental fleet.
"We have immense admiration for GDN’s business model and its ability to serve a broad range of customers,” said Peter and Stuart Farrell, Managing Directors at Tuckahoe. “This acquisition fits perfectly with our focus of owning middle market companies for the long term. We are committed to working hand-in-hand with John and his team to unlock new opportunities and drive sustained growth."
“We are thrilled to join forces with Tuckahoe, whose long-term vision and commitment align completely with our goals to continue our growth as a leading Bobcat® dealership group,” said Mr. Hopper. “We appreciate Brightstar’s leadership in helping us expand and improve our business. I am confident that this new partnership will propel us to great heights while maintaining our core values."
"It’s been a fantastic experience for Brightstar to partner with the GDN team, more than doubling the Company’s number of dealerships and providing differentiated sales and services to customers,” said Reidar Brekke, Partner at Brightstar and Board Chair of GDN. “We believe that Tuckahoe is an ideal partner for GDN and are confident that the Company will continue to thrive and lead in the industry."
Jefferies LLC acted as lead financial advisor and TM Capital Corp. acted as financial advisor to the Company. Kirkland & Ellis LLP served as legal counsel to the Company. Hirschler Fleischer served as legal advisor to Tuckahoe.
About Tuckahoe Holdings
Tuckahoe Holdings, based in Richmond, Virginia, is a family-run diversified holding company, focused on owning middle market companies indefinitely. Tuckahoe partners with business owners, employees, and customers who align with our permanent home and people-focused philosophy. Tuckahoe Holdings puts people first – their enduring success and safety is just as critical as establishing exemplary financial performance. For more information, please visit https://www.tuckahoeholdings.com.
About Gateway Dealer Network
Gateway Dealer Network, headquartered in St. Louis, Missouri, is a leading provider of Bobcat®-branded industrial equipment. With a significant presence across 31 locations in 10 states, GDN offers a comprehensive range of new, used, and rental equipment, as well as parts & services, catering to diverse industrial needs. For more information, please visit https://www.gatewaydealer.com.
About Brightstar Capital Partners
Brightstar Capital Partners is a middle market private equity firm focused on investing in closely held family, founder, or entrepreneur-led businesses where Brightstar believes it can drive significant value with respect to the management, operations, and strategic direction of the business. Brightstar employs an operationally intensive “Us & Us” approach that leverages its extensive experience and relationship network to help companies reach their full potential. For more information, please visit www.brightstarcp.com.
Media Contact:
Ryan Kokemor
Tuckahoe Holdings
rkokemor@tuckahoeholdings.com
804.644.6003
Craig Thomas
Brightstar Capital Partners
cthomas@brightstarcp.com
917.312.0134
