Equipment Technologies has been sold to EXEL Industries

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Equipment Technologies (“ET”) has been sold to EXEL Industries S.A. (ENXTPA:EXE)(“EXEL”).

Founded in 1997 and headquartered in Mooresville, Indiana, ET is the North American leader in the mechanical drive, self-propelled agricultural sprayer market and a leader in the sprayer parts space. The Company sells its Apache branded products through a network of 42 independent and four Company-owned dealerships in the United States and Canada. ET is a leader in innovation possessing strong technology and engineering capabilities, which have driven significant market share growth for the Company.

“We are pleased to be joining forces with EXEL,” said Matt Hays, CEO of Equipment Technologies. “We see a wonderful alignment of EXEL’s drive to innovate with our management of ET for the long term. We believe that as part of EXEL we will be well-positioned to support our customers’ needs into the future. The deal allows ET employees, suppliers and dealers to continue to operate in the same manner that has generated many years of exceptional performance and service to our customers.”

Hays also commented, “Lincoln’s unique insights and in-depth understanding of our business model allowed them to share our story and value proposition in a highly compelling manner.”

Lincoln acted as the exclusive financial advisor for ET, working closely with the Company’s management team and shareholders throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.

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