Platinum Equity, Beverly Hills, California, has announced the acquisition of Pro-Mark, the parent company of Orbit Irrigation and Hydro-Rain from affiliates of the company’s founders. Financial terms were not disclosed.
Headquartered in Salt Lake City, Orbit is a provider of irrigation systems and related products. Hydro-Rain is its commercial line of professional-grade irrigation and lighting products.
Pro-Mark was founded by Max Ericksen in 1971. Over the last 40 years his family has built Orbit into a global distribution network with products available in 40 countries and all 50 U.S. states.
“Orbit has created a successful business through a combination of product innovation, quality and entrepreneurial spirit,” says Platinum Equity Partner Jacob Kotzubei. “With the addition of our financial, operational and M&A resources to support the company’s growth, Orbit is poised to take yet another significant step forward.”
Orbit CEO Stuart Eyring will remain in his current position following the transition to new ownership. “This is exciting news for our company and our customers,” says Eyring. “With Platinum Equity’s support, we’ll be able to make additional investments in growth and new technology. We are very excited about the opportunities ahead of us.”