Affiliates of Stellus Capital Management provided senior debt financing and an equity co-investment to support Blue Sage Capital’s acquisition of Baker Manufacturing Company.
Founded in 1873 and headquartered in Evansville, WI, Baker is a vertically integrated manufacturer of water well equipment and accessories for residential, industrial, municipal, and environmental end-markets, in addition to pumps for the viscous fluid transfer market and short-run castings for general industrial markets. Baker pioneered the pitless well adapter and, over its 150-year operating history, has established itself as the provider of choice in the water well industry.
Jonathan Pearce, partner at Blue Sage, said, “We appreciate Stellus’ thoughtfulness in providing a flexible financing structure enabling us to grow the Baker business. We look forward to a strong partnership with Stellus going forward.”
Gavin Roseman, managing director at Stellus, said, “We believe Baker is the gold standard in its industry and represents a strong base for continued innovation and market expansion. We are proud to support Blue Sage and look forward to building our relationship with the Blue Sage and Baker teams.”