Strait Lane Capital Partners, LLC (SLCP) a privately held investment firm, is pleased to announce it has acquired substantially all of the assets of Boss Industries, Inc. (Boss) of La Porte, IN. Boss is a leader in power take-off (PTO) rotary screw air technology, offering a full line of vehicle-integrated compressors as well as natural gas booster and vapor recovery systems.
Patrick Wilkins, Boss Industries’ founder stated: “Strait Lane’s team did an excellent job of understanding our needs and then crafted an investment that exceeded our expectations. When compared to other private equity firms we have spoken to over the years, it was Strait Lane’s operational expertise that set them apart. We are very excited about our on-going relationship with Strait Lane and we are looking forward to working with Harrison Hydra-Gen as we jointly develop new products and sell our existing products into each other’s client base.”
Harrison Hydra-Gen, Ltd. of Houston, Texas (HHG), another SLCP Portfolio Company, joined in the investment. HHG is a leading producer of hydraulic generators for fire engines and other emergency services, aerial work platforms and oil field services. HHG and Boss will jointly develop new, complementary applications and offer existing products to each other’s client base. Since there are additional opportunities for Boss in different markets, keeping the two companies separate resulted in a more equitable structure for the sellers, who will be retaining significant stakes. Main Street Capital Corporation, another investor in HHG, also participated in the investment.
Also joining in the investment with SLCP, HHG, and Main Street Capital Corporation, was Texas Capital Bank, who provided debt financing. According to Bill Rolley, SVP at Texas Capital Bank, “We have enjoyed our long-standing relationship with Strait Lane Capital and were pleased to support this acquisition.”