Platinum Equity has announced that the sale of Orbit Irrigation to Husqvarna Group has been completed. The transaction was worth approximately $489 million dollars.
Orbit Irrigation, which is based in Salt Lake City, Utah, currently has employed about 300 people and generates 95% of its revenue in North America. The primary line of products sold by the company includes watering equipment that is sold via retail, garden centers, e-commerce, and professional channels. Furthermore, the company enables consumers to conserve water via the company’s B-hyve suite of products.
Orbit was acquired by Platinum Equity in February 2019. Platinum Equity invested heavily in Orbit’s smart watering technology, expanding its portfolio and implementing improvements across the organization.
“Orbit’s success underscores the value of our M&A&O toolkit and contributes to the momentum our Small Cap team has generated,” said Platinum Equity Partner Jacob Kotzubei. “We put the full range of our resources to work and helped transform Orbit into an industry leader that is well-positioned to continue growing under Husqvarna’s ownership.”
Platinum Equity expanded Orbit’s B-hyve portfolio, which now includes a wide variety of smart water and irrigation management tools.
“We invested in both organic and acquisitive growth, strengthening Orbit’s core product line and helping diversify its portfolio,” added Platinum Equity Managing Director Nick Fries. “Those efforts helped transform Orbit into a true omnichannel provider of water management and gardening solutions.”