May River Capital purchases Pride Engineering
May River Capital, a Chicago-based private equity investment firm, has purchased and recapitalised Pride Engineering in partnership with management and other co-investors.
Pride, based in Brooklyn Park, Minnesota, designs and manufactures mission critical machine tools and equipment used in the production of two-piece metal cans for the beverage and food industries. The transaction represents a new partnership between May River and the majority of Pride’s prior shareholders, including Mark Zauhar, founder, Bruce Allyn, president, and David Gadow, director of engineering & manufacturing. In addition to investing alongside May River, Messrs. Zauhar and Allyn will also serve with May River on Pride’s Board of Directors.
Bruce Allyn, president of Pride, said: “We are delighted to partner with May River. They share our vision for growing Pride and can provide financial, strategic and professional resources required to accomplish our goals and to provide our customers with the best products in the world.” Mark Zauhar, founder of Pride, added: “This recapitalisation is a positive outcome for our shareholders, employees and customers.”