Sioux Falls, South Dakota-based Diamond Mowers, a maker of industrial mowing, mulching, and brush cutting equipment, has secured an undisclosed amount of equity and debt funding. The backers were Lineage Capital and Abacus Finance.
PRESS RELEASE
SIOUX FALLS, S.D., March 22, 2018 /PRNewswire/ — Diamond Mowers has partnered with Lineage Capital and Abacus Finance for equity and debt financing to be used for product development, acquisitions, and to accelerate the expansion of manufacturing capacity. Diamond has achieved significant growth over the past five years due to its strong dealer support model focused on dealer success. New capital will allow Diamond to accelerate new product development and fund strategic acquisitions.
“We chose to work with Lineage and Abacus because they will allow us to accelerate our growth plans, consistent with our values and vision for the future,” said Bill Doyle, President of Diamond.
VP of Sales & Marketing, Tim Kubista, stated, “We have built a very strong dealer network that has led to historic growth for our company. Our success has put us in a position to capitalize on opportunities to expand our product portfolio.”
About Diamond Mowers
Founded in 2000, Sioux Falls, South Dakota based Diamond Mowers is the leading manufacturer of industrial mowing, mulching, and brush cutting equipment for the municipal, skid-steer and excavator markets. Its products include: boom mowers, rotary mowers, flail mowers and forestry mulchers for municipalities, contractors, and land owners. The company entered the skid-steer and excavator attachment markets in 2013, and manufactures rotary mowers and forestry mulchers that attach to skid loaders and excavators – products ideal for small, and large-scale brush clearing operations. In 2017 Diamond was included in the Inc. 5000. www.DiamondMowers.com
About Lineage Capital
Founded in 2003, Lineage is a Boston-based private equity firm specializing in the recapitalization of family-controlled and owner-managed businesses in the lower-middle market. Lineage has deep experience investing across a number of industries, including consumer, industrial, service, and distribution. The firm typically invests in companies with revenue between $20 million and $250 million and EBITDA of at least $4 million. www.lineagecap.com
About Abacus Finance Group, LLC
Abacus Finance is a leading direct lending company focused on providing cash flow senior financing to private equity-sponsored, lower-middle market companies. Abacus targets financing opportunities of up to $60 million for companies with EBITDA between $3 million and $15 million, with a typical hold size ranging from $10 million to $30 million. www.abacusfinance.com
Source: https://www.pehub.com/2018/03/diamond-mowers-snaps-funding/
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