16 April 2021
Investment group acquires prominent family business
A PROMINENT manufacturer of international potato equipment in the United States has announced an agreement to its acquisition by a group of Idaho investors.
Double L, which manufactures farm equipment in the Intermountain West of the US, is to be acquired by a group made up of Teton Management Group, Pickett Equipment, and the Idaho Legacy Fund, all of whom are headquartered in Idaho and led by individuals with experience in the agriculture industry.
Founded in 1975, the family business provides harvesting and handling solutions for potato farms throughout the US and is located in the heart of the largest potato producing region in the nation. Over the past 45 years, it has grown to cater for global markets.
Newly appointed Double L CEO Jeff Sayer is the former Idaho Secretary of Commerce and Managing Member of Idaho Legacy Fund. He said: “Double L is a family-built legacy and a vital part of a rural community that provides high quality, American manufacturing jobs. Helping them reach their potential is a quintessential example of why we started the Idaho Legacy Fund. We are honored to help Double L reach its potential.”
Chris Hunsaker, former CEO of Double L who will assume a new role of Chief Business Development Officer, said he is pleased with this opportunity to ensure Double L’s future growth. “As a company, we have worked hard to get to this point. We are excited about Double L’s future and how its new partners can play a significant role in maximizing the company’s potential. But even more importantly, we look forward to supporting our customers at a higher level via new products and services. The Double L vision has always been to advance agriculture through innovation, and that vision will continue.”
Jonathan Price, CEO of Pickett Equipment, is equally pleased about expanding Double L’s service capability. “We are excited to join forces with Double L and align our capabilities to service their customers better and support the vital potato market in the region,” he said. “Double L’s reputation for durable, high-quality equipment is a standard we understand, and we look forward to helping them expand their support and contribution to hard-working potato farmers.”
Kurt Harman, Managing Member of Teton Management Group, said, “This transaction merges a rural icon with local investors who understand and know the importance of building a community and region. This investment will harness a powerhouse of experience in the investor group. We are excited to partner with the team at Double L who care about the potato industry and know how to build a quality product.”
The investor group has engaged Rectify Partners of Boise, Idaho, to assist with the management transition and accelerate the company’s new growth strategies. Stoel Rives, LLP in Boise, Idaho, served as legal advisor to the investor group. Kevin Hirt, president of Windreef Management Company and a partner of Idaho Legacy Fund, assisted the investor group in transaction structure and will continue to advise on strategic matters. Terms of the transaction were not disclosed.