Private Equity Investment in Gardner Denver Goes Beyond Operations; Protects Community
To learn more about this project and what it means to the community of Quincy, IL, watch the PE at Work video case study.
WASHINGTON – The PEGCC’s latest video case study highlights KKR-backed Gardner Denver, an industrial equipment company which invested $1.65 million in a floodwall to protect its facility and the surrounding community of Quincy, Illinois. Released today as part of the Private Equity at Work campaign, this video shows how private equity played a role in keeping a company’s employees and community safe from the dangerous floodwaters of the Mississippi River.
For generations, Quincy has been hit by major floods, including a 1993 flood during which riverside businesses and industries suffered extensive damage after the river crested to a record 32 feet. In 2008, a flood submerged much of the city’s riverfront.
“Building this floodwall was the right thing to do to help protect this community,” said Pete Wallace, CEO of Gardner Denver. “We’d like to thank KKR for recognizing the need and for helping make this possible, and we’re equally grateful for the support of local and state officials.”
Gardner Denver, a KKR portfolio company, held a ribbon cutting ceremony on October 16, 2014, for the completion of the flood protection wall. During the ceremony, Wallace and local elected officials spoke about the importance of the floodwall and how it marks a new era for Quincy. U.S. Congressman Aaron Schock (R-IL18) also provided recorded remarks that were played as part of the ceremony.
“Gardner Denver’s flood wall is an excellent example of private equity at work,” said Steve Judge, President and CEO of the PEGCC. “Through a partnership with a private equity firm, Gardner Denver received both an infusion of capital and the guidance for an initiative that benefited the company and the surrounding community.”
Gardner Denver was acquired by KKR in July of 2013. The new leadership brought in by KKR approved and advised the construction of the floodwall at the Quincy facility.
To learn more about the project and to see what it means to the community, watch the video case study.
About Private Equity at Work
Private Equity at Work is a new initiative by the Private Equity Growth Capital Council aimed at educating media, policy makers, and the public about the private equity industry and its positive contributions to the American economy. The campaign is anchored by a new website and resource center, Private Equity At Work, and features educational content, industry data, and an in-depth look at specific private equity investments that are driving growth and creating jobs.
About the Private Equity Growth Capital Council
The Private Equity Growth Capital Council (PEGCC) is an advocacy, communications and research organization and resource center established to develop, analyze and distribute information about the private equity and growth capital investment industry and its contributions to the national and global economy. Established in 2007 and formerly known as the Private Equity Council, the PEGCC is based in Washington, D.C. The members of the PEGCC consist of the world’s leading private equity and growth capital firms united by their commitment to growing and strengthening the businesses in which they invest. More information about the PEGCC can be found at www.pegcc.org.
