Sun Capital Partners, Inc., a Boca Raton-based private investment firm, announced that one of its affiliates acquired a majority ownership interest in Beckett Corp., a privately held company located in Irving, Texas. Terms of the transaction were not disclosed.
"Having dealt with many other investment groups, I was impressed that the Sun Capital team was able to move so quickly and effectively to close the transaction in time for the beginning of our selling season," said Dean Sung, Chief Executive Officer of Beckett Corporation. "We always felt like we were being treated as real partners throughout the entire process. Today, Beckett is in a much better position because of Sun Capital, and we are ready to fulfill our commitments to our customers and vendors."
M. Steven Liff, Vice President at Sun Capital Partners, Inc., stated, "We are very enthusiastic regarding our investment in Beckett, the market leader in a growing industry. Our capital infusion and operational expertise, coupled with Beckett's strength in product development, should complement one another nicely and lead to improved margins and overall profitability."
"After over 50 years of producing quality products and building strong relationships with its customers and vendors, Beckett has created a highly valuable brand that we find very attractive," commented Jeffrey Anapolsky, Vice President of Sun Capital Partners, Inc. "We look forward to working closely with the Beckett team to provide the highest levels of service and performance."
Beckett's Consumer division designs, manufactures, markets and distributes water gardening products and water fountains. Already well- established in Europe, water gardening is a fast-growing hobby in North America. Beckett's products range from all-in-one starter kits to supplies for creating custom backyard ponds with fountains, lights, plants and live koi. Water fountains include outdoor, tabletop and flower bed fountains and birdbaths. The Company is the exclusive water gardening supplier to Home Depot and also distributes via Wal-Mart, Lowe's, L&L Nursery, Menards and other lawn and garden retailers.
The Industrial division of Beckett manufactures pumps for OEM and after-market use. The company's core product is the condensate pump that is used to collect and pump condensation water generated by air conditioners, furnaces and any refrigeration system. The Industrial division also designs custom products for the OEM market in the HVAC and ice-making industries. Long-term customers include Whirlpool, Liebert, Scotsman and W W Grainger.