Bedford Technology, LLC.
Bedford Technology was a manufacturer of plastic lumber (an alternative to traditional wood lumber) based in Worthington, MN and owned by founder and CEO, Brian Larsen. Brian was looking for a partner who could help him achieve some liquidity and ultimately transition leadership of the Company to a successor while also providing capital to support the long term growth of the business. In June of 2010, HCP acquired approximately 60% of the Company and Brian retained the remaining 40%. In the subsequent years, HCP helped Bedford complete an add-on acquisition, introduce a new business unit, expand its manufacturing facilities, add new products, and expand the management team. In 2016, Brian transitioned the CEO role to his successor, Jeff Breitzman, while remaining involved in the business as a Board Member. During HCP’s ownership, Bedford’s revenue more than doubled, and Bedford was well positioned to continue to grow significantly well into the future. Bedford was acquired in February 2020 by Tangent Technologies, a portfolio company of The Sterling Group.
“Hillcrest showed great patience and flexibility as we negotiated their original investment in our company. Over the course of the investment, they have been a great partner helping us focus on doing the right things that have enabled us to significantly grow the business over the long term.”
– Brian Larsen, founder and former CEO, Bedford Technology, LLC