For Immediate Release
Great Range Capital Acquires Wichita-Based Fairbank Equipment, Inc.
WICHITA, KS, December 21, 2012 – Great Range Capital today has acquired Wichita, Kansas,- based Fairbank Equipment, Inc., the Midwest’s leading distributor of application and control equipment used in the agriculture and energy industries.
Since its founding in 1946, Fairbank Equipment has grown to serve a diversified customer base of more than 1,000 customers in the agricultural community and over 500 energy distribution companies. Fairbank Equipment has operations in Kansas, Nebraska, Oklahoma and South Dakota.
“The past 66 years have been great for Fairbank, however, we firmly believe the best is yet to come for our employees and our customers,” said Cody Wray, president of Fairbank Equipment. “Our partnership with Great Range Capital positions us well for continued growth and success. While it will continue to be business as usual at Fairbank Equipment, we now have an even greater ability to deliver the high quality products and service that our customers have come to expect from Fairbank Equipment.”
Though Great Range Capital is now the majority owner of Fairbank Equipment, Wray remains a significant shareholder, and he and his management team will continue to lead the company.
“Fairbank Equipment has an exceptional management team and an excellent reputation for quality products and customer service,” said [Paul Maxwell/Ryan Sprott], Managing Partner of Great Range Capital. “We see significant opportunity for Fairbank and are pleased to partner with Cody, his leadership team and all the employees to continue to serve the growing agricultural and energy industries.”
Great Range Capital, a private equity fund founded by Ryan Sprott and Paul Maxwell and based in greater Kansas City, primarily targets controlling equity investments in Midwestern companies with revenues ranging from $10 to $150 million.