Mangrove Equity Partners is pleased to announce the sale of RC Rasmussen Corporation, a Seattle, WA-based provider of specialty rental solutions supporting critical marine infrastructure end markets throughout North America.
The Rasmussen investment marks Mangrove’s second highly successful partnership with independent sponsor Doug Smith of Hunter Equity Capital and was one of six independent sponsor partnerships supported by Mangrove to date.
At Rasmussen, Mangrove’s internal operating team displayed their uncommon ability to help our portfolio partners build enduring value as they, along with Hunter Equity Capital and the company’s management team:
- Rebuilt the entire management team (president, CFO, sales leadership and branch management) in support of the former, fourth-generation family owners’ objectives, including transitioning out of active involvement in the business
- Developed strong East Coast customer relationships, positioning the company to supply equipment to key infrastructure projects in the Mid-Atlantic region
- Redistributed assets geographically to reduce freight and put the right product closer to customers and opportunities
- Established the organization’s first outbound sales function
- Scrapped hundreds of thousands of pounds of obsolete assets, resulting in a reduced footprint and significant rent savings while simultaneously investing in new fleet assets to support growth and keep up with evolving customer demands
- Supported the planned retirement of a number of long-tenured key people, transitioning esoteric critical knowledge to new employees
- Implemented the company’s first ERP system and other analytical tools
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 three-man internal operating team allows us to work through complexity and help owner/operators build enduring value.