Minneapolis-based Norwest Equity Partners has sold protective case and flashlight maker Pelican Products to New York- and San Francisco-based based Behrman Capital for approximately $200 million (€157 million).
Pelican was originally acquired by Norwest in 1998. The California-based company makes products aimed at sports enthusiasts, the military and others, and generates about $100 million in revenue, according to a statement.
Last month, Norwest closed its eighth middle-market fund on $800 million, shortly after the May close of its $400 million mezzanine vehicle. In June, Norwest’s portfolio company Life Time Fitness completed an initial public offering that raised $210 million.
Behrman currently manages approximately $1.8 billion in capital. At the beginning of this month, it acquired WIL Research Laboratories from Great Lakes Chemical in a $105 million deal. Back in January, the firm acquired Hunter Defense Technologies, a maker of military and homeland defense products, for $90 million.
In 2001 Behrman closed a $1.2 billion fund. In February 2002 Darryl Behrman died unexpectedly of a heart attack.