KPS Capital Partners have sold Paladin and Pengo to Stanley Black & Decker.
KPS retains ownership of IES’ Genesis business unit and Crenlo, Emcor and Siac do Brasil, which are collectively known as Crenlo Global.
Genesis and Crenlo Global will operate as standalone businesses and continue to be led by chief executive officer Steve Andrews and chief financial officer Steve Klyn.
You may also like: bauma announces Innovation Award finalists
IES was created by KPS in 2011 to acquire the Paladin, Genesis, Pengo, Crenlo and Emcor brands, serving a wide range of applications in construction, demolition, recycling, mining, utility and agriculture end-markets.
“We congratulate and thank the IES management team for their strategic vision and impressive execution,” said Raquel Palmer, a managing partner of KPS.
“We are very proud to have partnered with management in IES’ incredible transformation. We remain committed to providing Genesis and Crenlo Global with capital and resources to continue delivering products of unparalleled quality, with industry-leading technology and world-class customer service.”
Paladin Attachments and Pengo Attachments will join the Stanley Infrastructure division of Stanley Black & Decker, which includes Stanley, LaBounty and Dubois. Both of the acquired companies will continue to operate in their respective markets.
According to Stanley Infrastructure, there are no plans to discontinue any products at this time.
“We look forward to continuing to offer a world class selection of attachment solutions. At this time changes to contacts are extremely minimal and it is highly likely that you will see no immediate change to company contacts,” Stanley Infrastructure said on its website.
Paladin Attachments is a manufacturer of coupler systems and attachment tools. The company has 11 brands under its umbrella, including Bradco, CP, CustomWorks, CWS,FFC, Harley, Jewell, JRB, Kodiak, McMillen and Sweepster.
For more than 65 years, Pengo has served as one of the largest manufacturers of augers and related wear parts in the world. Its products are available through a network of more than 500 dealers and OEM manufacturers.