Two years after its debut fund, a Dallas-based private equity firm is investing in its fifth company servicing industrial development.
Crossplane Capital filed documents with the Securities and Exchange Commission for a $7 million fund titled “Blast Resistant Holdings LLC,” according to the Dallas Business Journal.
Founded by Brian Hegi and Ben Eakes in 2018, the firm invests in niche manufacturing specialty companies. In 2020, it closed its inaugural fund of $275 million and has since had a string of investments in companies that provide support in the industrial development sector.
This latest fund, Blast Resistant Holdings, is tied to its acquisition of Hunter Leasing, the blast resistant building rental division of Hunter Buildings. The deal was announced Friday as part of a new partnership between the two companies, which intends to carve out and operate Hunter Leasing as a standalone business.
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“Hunter is well positioned to take advantage of increased customer focus on employee safety that is catalyzing growth of the BRB market,” said Hegi.
Hunter specializes in blast resistant building, or BRB, rental solutions. BRBs are commonly located in project sites in the American Gulf Coast region when a temporary workspace is needed within the facility’s blast zone to protect workers from threats that include gas and vapor cloud explosions.
“Teaming with Crossplane will allow Hunter to pursue its mission of safeguarding lives in industrial areas on a new scale,” said Sam LaVergne, founder of Hunter Buildings & Manufacturing.
Crossplane’s business model centers around restructurings and partnerships with family-owned businesses. It typically targets owner-founder companies with $40 million to $200 million in revenue.
“Economic uncertainty and turbulence really helps our strategy because we’re looking for strategically unique businesses that are underperforming,” Hegi said in November after Crossplane’s acquisition of Oklahoma City-based Domino Equipment Company.