CenterGate Capital, an Austin, TX-based private equity investment firm, announced the sale of its specialty environmental equipment platform The Owen Family of Companies to Wynnchurch Capital LLC.
Established in 1958 and headquartered in Vancouver, WA, Owen provides critical infrastructure equipment, aftermarket parts and services including street sweepers, sewer cleaners, hydro excavators, specialty drilling equipment and vegetation management equipment. Since CenterGate partnered with management in 2018, the Company achieved transformational growth. During the partnership Owen expanded into new end markets, geographies and products offerings and grew its revenue by more than 70 percent.
Earl Rose, President of Owen, commented “I’m extremely pleased with the accomplishments of the Owen team over the past few years. Our success is a testament to the quality and hard work of our team members, our relentless focus on delivering value to our customers, and the support from CenterGate. Our remarkable growth during the partnership with CenterGate leaves Owen well positioned for continued expansion.”
Lewis Schoenwetter, Co-Founder and Managing Partner of CenterGate, said, “the Owen growth story is a great example of CenterGate’s dedication to supporting business owners and management teams in order to create shared success. The team at CenterGate understands the core growth and operating needs of lower middle market companies. In partnership with management, CenterGate helped Owen expand from a regional provider to a national leader with a best-in-class critical infrastructure equipment and service offering. CenterGate has greatly appreciated its successful partnership with the Owen management team and is excited to see their continued success.”
Harris Williams & Co. acted as financial advisor and McDermott, Will & Emery LLP served as legal counsel to Owen.
Owen serves as a dealer of new and pre-owned equipment, provides related parts and maintenance services and maintains a large fleet of rental equipment used for sewer maintenance, hydro/vacuum excavation, street cleaning, specialty drilling and vegetation management applications.