Benford Capital Partners Exits Specialty Sales
Benford Capital Partners (“Benford Capital” or “BCP”), a leading lower middle market private equity firm, has completed the sale of Specialty Sales, LLC (“Specialty Sales,” “Specialty,” or the “Company”), an industry leading animal health platform serving the U.S. dairy industry. The transaction closed on October 7, 2022.
Headquartered in Fresno, CA and founded in 1999, the Company developed the first automated dosing system for hoof care hygiene products which maintain hoof health in dairy cattle. Specialty Sales currently operates from strategically located facilities in California, Idaho, Washington, Texas, and Wisconsin, and manufactures, sells, and distributes its proprietary products on a recurring basis to over 2.5 million dairy cattle across the United States.
Over the course of its investment, and in partnership with CEO Don Alsup, BCP helped the Company augment the management team, enter new markets, develop new products, and complete two add-on acquisitions. Over the last four years, Specialty Sales nearly tripled its customer base at a CAGR of 33%.
Don Alsup, the Company’s CEO, stated, “Specialty has enjoyed a great partnership with BCP. While their level of commitment and strategic guidance was first class, we particularly appreciated their hands-on, engaged approach to new hires, capital investment decisions and acquisition outreach and execution. BCP took time to understand our business, opportunities, and challenges, and worked to help us build a much stronger and larger business.”
Ben Riefe, Managing Director at Benford Capital, added, “We are grateful for the trust Founder Greg Petersen put in us back in 2018, and for the opportunity to work with Don and his team over the last four years. We are proud of all that has been achieved during our ownership period and are confident that Specialty Sales will experience continued success in the years ahead.”
Cascadia Capital served as the exclusive financial advisor to Specialty Sales; Ice Miller served as legal counsel. Learn more about Specialty Sales at www.hoofstrong.com.
About Specialty Sales
Founded in 1999, Specialty Sales is the market leading provider of automated hoof bath systems and the preventative hoof care treatment products utilized in these systems for commercial dairies in the United States. Specialty Sales operates a “razor/razor blade” business model by installing and servicing its best-in-class hoof bath systems, and then selling and delivering its liquid chemical solutions on a recurring basis. Under Benford Capital’s ownership, Specialty Sales completed the acquisition of Bovistride and Enviro-Tech, both in July 2021.
About Benford Capital Partners
Benford Capital Partners (www.benfordcapital.com) is a Chicago-based private equity investment firm focused on buying and building lower middle market business over the long-term in partnership with management. Since its inception in November 2004, Benford Capital has acquired over 40 companies, including several add-on acquisitions, and currently owns 14 platform companies. BCP is currently investing from its $200 million Fund II and has over $350 million of total capital under management.