Prospect Partners Recaps Irrigation Components International
Chicago-based Prospect Partners, a private equity firm investing in smaller lower middle-market companies, announced the management-led recapitalization of Irrigation Components International, Inc. (ICII). The Daphne, AL-based international provider of agricultural irrigation equipment components becomes the fourth platform company of Prospect Partners’ third fund.
ICII manufactures and distributes irrigation equipment parts to Original Equipment Manufacturers (OEMs) and aftermarket customers, primarily dealers. With a distribution system that includes the U.S. and 35 countries worldwide, ICII has become the world’s largest independent supplier of its specialty, center pivot components and spare parts.
ICII offers a range of mechanical and electrical components to make center pivots, including power transmissions, flow meters, sprinklers, controls, wires and cables, and fittings. The company is led by John McCabe, President, and Adam Skolnik, CEO.
“We are excited to invest alongside management in such a well-positioned niche market leader,” Lou Kenter, a founding principal of Prospect Partners, said. “ICII is run by an exceptional team of industry veterans with proven operational success and a strong plan to continue to develop the company as the best one-stop source for all components needed to make and repair center pivots.”
“We look forward to Prospect Partners’ support as we execute the next chapter of ICII’s growth,” Skolnik said. “We sought a private equity investor we felt would be a genuine fit, professionally and personally. Prospect Partners’ track record and relationship-oriented reputation were big factors in our decision to partner together.”