Mangrove Equity Partners is pleased to announce its investment in RC Rasmussen Corporation, a Seattle, WA-based provider of niche marine equipment for rental and sale.
Rasmussen primarily serves the North American marine infrastructure construction/repair and dredging end markets. Mangrove partnered with both Rick Rasmussen, a 4th generation family-owner who will continue to lead RCR, and independent sponsor Douglas Smith of Hunter Equity Capital to consummate the transaction.
“I am excited to partner with Mangrove for a second time in the specialty rental space. Together I am certain we are the right group to optimize operations and capitalize on meaningful growth opportunities at RCR. RCR has been family owned for over 80 years and required investors acutely familiar with managing cultural evolution and a willingness to dive into operational challenges. Mangrove’s internal operating team is a differentiator in this regard and the entire firm shows an uncommon commitment to helping entrepreneur and family run businesses build meaningful value,” said Douglas Smith.
Mangrove and Hunter Equity are an uncommonly good fit for the RCR team because experience matters:
- Mangrove has pertinent experience in the space from its prior investment in Tioga HVAC Rentals, another industrial equipment rental company. Mangrove, Doug and the Tioga team grew Tioga’s profits more than 3x, and Mangrove looks forward to bringing its internal operating support to assist RCR’s leadership in executing on similar enduring value creation initiatives
- We believe there are numerous growth opportunities to expand the business through increased sales and marketing efforts and by bringing analytics and considerable capital to optimally build RCR’s inventory, as we did with Tioga
- Mangrove has worked successfully with independent sponsors in the past, leveraging the talents of a broader team to build value
Mangrove Equity Partners: More Than the Commodity of Capital. The Mangrove team works hard to be your go-to private equity fund in the lower middle market by leveraging our extensive experience to create solutions and get deals done.
We roll up our sleeves and work with intermediaries to do what is necessary to move good deals forward, even in the face of company or deal complexity. Mangrove’s four-man internal operating team allows us to work through complexity and help owner/operators build enduring value.
We hope to have the pleasure of working closely with you.