Venanpri Group is a leading manufacturer of wear components and hand tools for the agriculture, construction and gardening industries.
Fund
ONCAP III
Period
June 2015 - Present
ONCAP Team
Transaction Summary
ONCAP acquired a minority interest in Venanpri Group (“VG”) in June 2015. We subsequently acquired majority control of the investment.
Business Description
Based in Benton Harbor, Michigan and Legazpi, Spain, Venanpri Group is a global leader in the manufacturing of high-precision consumable wear components embedded into agricultural soil preparation implements, primarily under the Ingersoll and Bellota AgriSolutions brands and serves both the OEM and aftermarket channels. VG, through its subsidiary Veritage Brands, is also a leading manufacturer and distributor of hand tools for the agriculture, construction and gardening end markets in Europe, North America and Latin America under leading brands including Bellota, Corona, and Burgon & Ball.
Investment Thesis
ONCAP was attracted to VG for several reasons, including its: (i) strong market position globally in the consumable agricultural products and locally in several hand tool markets; (ii) strong diversity across all metrics (customer, product, facility, geography, SKU, brand and end-market); (iii) attractive, well-recognized consumer and professional brands; (iv) strong positioning in higher growth emerging markets; (v) core industry growth trends and long-term tailwinds; (vi) opportunities for improved coordination and integration amongst the divisions; and (vii) acquisitions in a fragmented sector.