Platte River Equity, a private equity firm based in Denver, Colo., announced on Jan. 11 that it has made a majority investment in Turf Care Supply LLC, a formulator and blender of coated nitrogen and other fertilizer products for the turf and ornamental market.
Established in 1974, Turf Care operates four facilities throughout the eastern U.S., including its corporate headquarters in Brunswick, Ohio, and manufacturing locations at Martins Ferry, Ohio, Hatfield, Mass., and Sebring, Fla.
The transaction also includes Allied Nutrients, a division within Turf Care focused on supplying enhanced efficiency fertilizer. Allied Nutrients was formed in 2020 following an agreement with Koch Agronomic Services LLC, Wichita, Kan., under which Turf Care was granted an exclusive license to market and distribute a range of Koch enhanced efficiency fertilizers in North America for turf and ornamental applications (GM Sept. 4, 2020).
“We look forward to helping management capitalize on Turf Care’s organic growth and acquisition opportunities,” said Kris Whalen, Managing Director of Platte River, adding that Turf Care “will be a strong addition to Platte River’s portfolio of companies.”
Founded in 2006, Platte River is focused on investments in established lower middle market operating companies in targeted industrial sectors. The firm said it utilizes conservative capital structures in order to invest in future growth opportunities and withstand changing economic environments. Platte River has raised funds with committed capital in excess of $1.3 billion, and is currently investing out of its $625 million fourth fund.
Turf Care CEO William Milowitz said Platte River’s cultural fit and relevant experience were important to the Turf Care team as it chose a partner to support the company’s next phase of growth.
“We remain committed to our strategy of providing exceptional customer service, investing in our people, and strategically growing our business,” said Mark Mangan, Chief Operating Officer of Turf Care. “We look forward to expanding Turf Care’s position as a leader in the turf and ornamental market with the support of Platte River.”
Bartlit Beck LLP served as legal counsel to Platte River. Calfee, Halter & Griswold LLP served as legal counsel, and Citizens M&A Advisory served as financial advisor to Turf Care.