Latest Investment to Support Rapid Expansion of Portfolio Company Bigham Ag
Nashville, TN – February 03, 2014 – TVV Capital, an operationally focused private equity firm, announced today that it has acquired Pitonyak Machinery Corporation (PMC). The acquisition supports the continued build out of Bigham Ag, a TVV portfolio company acquired in late 2012. Terms of the transaction were not disclosed. The deal was finalized in the fourth quarter of 2013.
PMC, based in Carlisle, AR, is a leading, branded manufacturer of a wide range of agricultural implements, including grain carts, seedbed preparation equipment, and land levelers. PMC’s products, such as its Hipper Chopper and GCX Grain Carts, which have historically been sold primarily in the Mid-South region, are complementary and counter-seasonal to Bigham’s existing product lines.
In addition to an impressive new product line, the PMC acquisition will also give Bigham access to an additional, centrally located manufacturing facility. Together, the two Bigham factories will be able to supply a nationwide network of dealers, servicing the major agricultural regions of the United States. All products, which are designed for commercial farm operators, will be marketed under the Bigham brand.
“The acquisition of PMC is a reflection of TVV’s continued expertise in directly sourcing and closing deals in the niche manufacturing industry,” said Andrew W. Byrd, President of TVV Capital. “In the particular case of PMC, it highlights our ability to scout deals that also aid in the rapid expansion of an existing portfolio company. Bigham is currently benefiting from growth that’s driven by superior products and the implementation of lean manufacturing practices. When combined with favorable market conditions, such as expanding farm incomes and increasing crop demand, the addition of PMC fully supports Bigham’s growth-through-acquisition strategy.”
Legal advisors for TVV Capital were Bass, Berry & Sims PLC of Nashville, TN. Accounting services were provided by DGLF CPAs and Business Advisors of Nashville, TN.
About Pitonyak Machinery Corporation
Based in Carlisle, Arkansas, Pitonyak Machinery Corporation has been manufacturing high-quality farming equipment since 1913. PMC’s products include grain carts, Hipper Rollers®, Hipper Choppers®, land levelers, field rollers and quick hitches, each designed and manufactured to be the heaviest, most durable equipment of its kind. The company also manufactures a variety of construction equipment and accessories, including loader forks, box scrapers and utility levelers for landscaping and lot maintenance. PMC’s products are available via its extensive dealer network. For more information, visit www.pmcfarmequipment.com.
About Bigham Ag
Founded in 1933, Bigham Ag of Lubbock, Texas manufactures premium agricultural tillage and cultivating equipment for the sustainable agricultural market. The company’s products are marketed through the Bigham and Lilliston brands and available via a network of approximately 1,400 independent dealers and co-operatives. For more information on the company and its products, visit www.bighamag.com.