Financial terms of the deal were undisclosed, but according to Crain’s Chicago Business, “Pritzker Group typically makes investments between $100 million and $500 million, and this purchase is toward the higher end of that range, said Pritzker Group Private Capital investment partner Michael Nelson.”
Milestone serves more than 5,000 global customers and maintains global operations with offices in the U.S., Europe and China.
“Our acquisition of Milestone demonstrates Pritzker Group Private Capital’s strategy of investing in clear market leaders with excellent management teams. We are well aligned with the Duchossois family in the view that our permanent, proprietary capital base allows our management teams to build great businesses over the long term” says Tony Pritzker, Pritzker Group Private Capital managing partner. “Together with the Milestone management team, we have a clear path forward that continues the company’s long history of new product innovation, international growth and add-on acquisitions.”
The Duchossois Group will retain a significant interest in the business and continue to have representatives serve on the board of directors.
“Our two families have enjoyed both a personal and business relationship for over 40 years,” says Craig Duchossois, CEO of The Duchossois Group. “We look forward to our next generation of partnership. This transaction is representative of the types of opportunities that will be pursued by Duchossois Capital Management, the company we recently formed to manage our family’s strategic investments.”
Duchossois Group bought Milestone in 2008 and expanded it in 2011 by buying Da-Lite for about $200 million.
“Our partnership with Pritzker Group Private Capital and Duchossois will launch Milestone into its next phase of growth, providing resources to help us meet the evolving needs of our customers,” said Scott Gill, Milestone chief executive officer. “The resources and experience of both organizations will drive our continued investment behind the innovative products, exceptional service and operational excellence that make a difference for our customers.”