Iron Range is a Chicago-based private equity firm
CHATTANOOGA, Tenn. (October 8, 2018) — FourBridges Capital today announced that Soddy Daisy, Tennessee-based Hasko, Inc. has been acquired by private equity firm Iron Range Capital of Chicago.
Hasko is a premium manufacturer of production machinery used in the wood flooring and wood working industries. Founded in 1930 as R. K. Haskew and Company, Hasko provides material handling and cutting, chopping and sawing systems to the largest producers of wood flooring worldwide. Management estimates that there are over 400 Hasko systems currently in operation.
“When I took over the company as a third-generation owner, I had a vision of transforming Hasko from a used equipment dealer into a manufacturer of highly engineered production equipment,” said Hasko owner Randy Brooks. “I am very proud of the successful legacy and reputation that my management team and employees have built over the years — to the point that Hasko is the recognized leader in our industry. I wanted a buyer that could help take our company to the next level, and that shared our beliefs about the right way to treat customers and employees.”
Brooks engaged FourBridges to advise him in making the ownership transition. Working with Brooks and his team, FourBridges analyzed Hasko’s historical financial statements and compiled a memorandum describing operations, products, employees and other aspects of the company.
A large group of potential buyers were contacted by FourBridges: Hasko received offers from private equity funds, strategic acquirers, family offices and foreign-based manufacturers of production machinery. After an extensive process, Iron Range Capital emerged as the preferred buyer.
As part of the ownership transition, local businesswoman Cathy Boettner will assume the duties of CEO. Previously, Boettner was the owner and president of Cleveland Tubing — a Cleveland, Tenn.-based manufacturer of corrugated pipe and tubing — where she successfully repositioned the company and eventually sold it to Euromax International. Brooks will continue to have an interest in the company and will remain on the board of directors.
“Iron Range Capital is delighted to remain partners with Randy, and we look forward to working alongside Cathy to accelerate Hasko’s revenue growth and profitability,” said Gary Stark, the managing partner of Iron Range.
The FourBridges team of Chris Rowe, Andy Stockett and Andrew Allred led the engagement.
“FourBridges was founded with a focus on helping owner-entrepreneurs achieve their personal and financial objectives when they are ready to make a transition,” said FourBridges managing director Chris Rowe. “It was a pleasure to provide that service to Randy and his team.”
About Hasko, Inc.: a premium manufacturer of production machinery used in the wood flooring and wood working industries. Founded in 1930 as R. K. Haskew and Company, Hasko provides material handling and cutting, chopping and sawing systems to the largest producers of wood flooring worldwide.
About Iron Range Capital: Iron Range Capital Partner is an independent private equity firm focused on niche manufacturing, business services and value-added distribution companies. Iron Range partners with strong management teams to execute on a growth strategy, leveraging a network of operating partners to drive significant value creation either by adding to the existing management team or at the board level. Companies range in size from $3 million to $20 million in EBITDA for initial platform investments.