AUSTIN, Texas--(BUSINESS WIRE)--Blue Sage Capital (“Blue Sage”) announced today that it closed on the sale of Ligchine International Corporation (“Ligchine”) to RAF Industries, Inc, a Philadelphia, Pennsylvania-based long-term focused capital provider. Ligchine is a leading designer, manufacturer, and marketer of laser guided boom screeds used for placing concrete. The company’s equipment utilizes cutting-edge technology to automate the process of flat-finishing concrete, enabling best-in-class flatness and levelness. Ligchine’s product portfolio is comprised of a full line of high-performance boom operated screeds, a drive-in machine, and has a number of other products on the drawing board. Blue Sage invested in Ligchine in August 2018 through its partnership with Peter and Gary Ligman (Ligchine’s founders), Hanover Partners and Dave Ring, CEO.
Blue Sage Partner, Eric Weiner, exclaimed, “Ligchine is a great example of Blue Sage partnering with founders, augmenting the management team, and investing in growth. Over the last roughly four years Ligchine nearly doubled its sales team to increase geographic coverage and added 3 new models to its product lineup.” Hanover Partners Founding Partner, John Palmer added, “Hanover commends Ligchine’s leadership team for expanding on the foundation the Ligmans built and accelerating Ligchine’s growth trajectory.”
Blue Sage and Ligchine were represented in the transaction by CIBC Cleary Gull (Investment Advisory), Queen Saenz + Schutz PLLC (Legal), Sikich LLP (Accounting) and Cherry Bekaert (Tax).
About Blue Sage Capital
Blue Sage Capital is an Austin, Texas-based private equity firm that has been investing in profitable, growing, lower middle-market companies since 2002. Blue Sage currently has over $400 million of assets under management and seeks to partner with founders, families, and management teams as the first round of institutional capital for businesses that enjoy leadership positions in niche manufacturing, environmental solutions, or specialty services industries. Blue Sage typically invests $20 million to $40 million in control buyout investments and recapitalizations of companies with $20 million to $200 million of revenue.