Prospect Partners Recapitalizes Landmark Irrigation
Chicago-based Prospect Partners, a private equity firm investing in smaller lower middle-market companies, announced the management-led recapitalization of Landmark Irrigation, Inc., a Madera, CA-based provider of custom agricultural irrigation systems. Landmark Irrigation becomes the third portfolio company of Prospect Partners III, and Prospect Partners’ 39th overall since 1998.
Founded in 1990, Landmark Irrigation designs, supplies, installs, and services agricultural irrigation systems for central California farmers across a wide range of farm sizes and crop varieties. Landmark Irrigation specializes in micro-irrigation systems, and develops a comprehensive solution for each client’s unique irrigation needs.
Prospect Partners’ recapitalization, with two of Landmark Irrigation’s founders, paves the way for further investment in the company’s internal growth and in geographic expansion through add-on acquisitions of other irrigation system providers in California’s Central Valley and elsewhere in the western United States. Landmark Irrigation is led by Russ Spain, CEO, and Gene Blocher, President.
“Landmark Irrigation has long been a regional leader in the micro-irrigation market niche, generating consistently strong year-over-year growth as farmers see the benefits in their crop yield and irrigation efficiency after using Landmark Irrigation’s drip and micro-sprinkler systems,” said Erik Maurer, a principal at Prospect Partners. “Landmark Irrigation’s veteran management team has spent its careers in the agricultural industry, building a company with a top reputation both for engineering expertise and high-quality irrigation systems. We are quite excited about the opportunity to partner with this exceptional team in such an interesting industry segment.”