Freestone Partners, LLC announced that it has partnered with company management to invest in Palmer Companies, LLC. Based in Camden, Tennessee with a satellite operation in Saucier, Mississippi, Palmer fabricates, repairs and maintains industrial components and equipment that are primarily used in process industries. The company serves some of the largest and most successful chemical and refining companies in the world and does work worldwide as a result of its ability to engineer and design solutions, components and equipment that provide operating advantages in the field for its customers.
Palmer’s CEO, Dwayne Douglas, and his senior management team will continue to run the company and own a substantial interest in the company. Scott Clingan, a principal at Freestone Partners commented, “Dwayne and his team at Palmer have worked together for more than 35 years to provide outstanding service and solutions to their customers. We have tremendous confidence that this team can leverage their ability to innovate solutions for a broader marketplace as a result of the trust they have developed with existing customers and the wealth of experience and proficiency they can offer to new prospective customers in locations around the world.” Mr. Thomas C. Connolly, formerly CEO of Freestone’s highly successful portfolio company Dan-Loc Bolt & Gasket which was sold by Freestone in February of 2007, will serve as Non-Executive Chairman of the Board of Directors of Palmer.
Headquartered in Houston, Texas, Freestone Partners invests in companies with $10 to $50 million in annual revenue with potential for substantial growth. Freestone seeks to partner with management teams and/or selling owners to help small to medium-sized businesses achieve their growth goals. Freestone’s investment philosophy states that value is created by focusing on a few fundamentals: a sound investment process, solid management, viable business strategies, and outstanding operating execution. We value more than the transaction – we value the people involved.