Investor Groups Buys Almond Equipment Icon
May 15, 2013 Pegasus Capital Group and Gladstone Investment Corporation recently announced the acquisition of all shares of Jackrabbit Inc. of Ripon, CA, the manufacturer of innovative tree nut handling systems and Dakota Ag Welding’s Prune-Rite pruning towers.
“We are delighted to be partnering with Jackrabbit’s high-quality management team, suppliers, and loyal customers as we embark on a new chapter of innovation and growth in the dynamic nut and agricultural markets we serve,” said Pat Whelan, managing partner of Pegasus.
Jackrabbit was founded and managed by the recently deceased Earl Anderson. Before his passing he wrote, “Based on my interactions with The Gladstone Companies and Pegasus Capital Group throughout this process I strongly believe that they will be great stewards of Jackrabbit going forward. You will be able to count on the same high-quality Jackrabbit products and passionate level of honesty, integrity, care, and pride of the Jackrabbit personnel in all things Jackrabbit that you have come to expect from your past dealings with our company.”
“Gladstone Investment is pleased to partner with both Pegasus and the talented management team at Jackrabbit. We look forward to building on Jackrabbit’s iconic brand and long-standing success by continuing to grow and expand the business,” said Chris Daniel, Managing Director at Gladstone Investment.
Jackrabbit’s innovative products speed and facilitate nut handling during harvest to cover more acreage in less time. The product line includes the Jack Runner, Reservoir Cart, Stick Jack, and high-speed elevator. PruneRite and Dakota Ag Welding divisions of Jackrabbit complement growers harvesting needs. The PruneRite self-propelled pruning towers make the job of pruning quicker in the postharvest season. Dakota Ag Welding does custom fabrication to customer orders.
Bob DeMont, a longtime resident of the Central Valley, will be joining the Jackrabbit team as president. DeMont, a West Point graduate with advanced degrees from Stanford, has experience in a variety of industries, including wine and spirits, injection molding and equipment manufacturing, and also runs a small family farm and says he understands the challenges facing the ag industry.
“I have always admired Jackrabbit’s focus on innovation and grower’s needs and am excited to begin this new phase with such a great team,” he said. “My goal is to continue Earl’s legacy of building innovative solutions for growers.”
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