Tuckahoe Holdings (a family-run diversified holding company) announced the acquisition of Gateway Dealer Network (GDN), a prominent provider of industrial equipment, from Brightstar Capital Partners (a middle-market private equity firm). And GDN CEO John Hopper and the senior management team are expected to continue to lead the company moving forward. The terms of the deal were undisclosed.
Based 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. Along with operating as a dealer of new and used equipment, the company provides parts and services for industrial equipment and maintains a rental fleet.
Jefferies acted as the lead financial advisor, and TM Capital acted as the financial advisor to the Company. And Kirkland & Ellis LLP served as legal counsel to the Company. Hirschler Fleischer served as legal advisor to Tuckahoe.
KEY QUOTES:
“We have immense admiration for GDN’s business model and its ability to serve a broad range of customers. 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.”
- Peter and Stuart Farrell, Managing Directors at Tuckahoe
“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. 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.”
- GDN CEO John Hopper
“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. 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.”
- Reidar Brekke, Partner at Brightstar and Board Chair of GDN
