April 9, 2021.
Livingston Machinery Company (www.livingstonmachinery.com), a leading agricultural equipment dealer serving customers in Oklahoma, Texas, New Mexico, Kansas and Colorado, was acquired by Summit Equity Group in partnership with Midwest Growth Partners.
Livingston Machinery sells, services and maintains commercial agricultural equipment, employing 115 people at their four locations in Chickasha, OK, Fairview, OK, Dalhart, TX and Muleshoe, TX. In addition to their dealership and service locations, Livingston maintains a mobile service fleet that provides repair and maintenance services for customers on-site 24/7/365.
Livingston Machinery is consistently one of AGCO’s (www.agcocorp.com) leading agricultural equipment dealerships by volume and performance, currently #5 in North America. Livingston has also been the #1 or #2 dealer of Hesston Hay Tools for over 25 years and is among the top 5 Fendt dealers across North America.
Summit and Midwest Growth acquired the stock of Livingston Machinery’s former Employee Stock Ownership Plan (ESOP) and will fund new growth and expansion plans. Both Summit and Midwest Growth have deep agriculture experience with Ag Solutions Group (www.agsolutionsgroup.com).
Livingston Machinery’s ESOP was established in 2008 and while the program will dissolve, first-class benefits and support to the 115+ employees will remain a priority. Additionally, the company looks forward to providing new opportunities to team members through growth, expansion and development in the coming years. There will be no disruption or delays in product availability or services offered during the change in ownership. Much else will remain the same: key relationships, sales staff, technicians and all contact information will be unchanged and daily operations will continue just as customers have come to expect from Livingston Machinery.
“We are very excited to bring new partners into the business. They not only bring the capital needed for expansion but also bring with them experience and knowledge in the equipment business, the understanding of groups with an ag background, and a wealth of great people and resources,” said Shawn Skaggs, President/CEO of Livingston Machinery Company. “This new partnership allows us to stay rooted in the culture that helped get us to where we are now while also providing a clear path to the future.”
ClearRidge advised the Owners and Board of Directors of Livingston on the sale.
ClearRidge was founded in 2008 to assist business owners make better strategic decisions; to provide the owners of midsized private companies with an outsourced team of industry-leading professionals. Leveraging decades of experience successfully completing complex transactions, ClearRidge clients benefit from discreet, professional and effective representation in the sale of their private company, acquisition, restructuring or capital sourcing.
For recent transactions, please visit clearridgecapital.com/recent-transactions/