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Capstone Headwaters Advised R.C. Rasmussen Corporation in Recapitalization by Mangrove Equity Partners LP and Hunter Equity Capital LLC

January 2018

Orange County, CA - Capstone Headwaters advised R.C. Rasmussen Corporation and its related entities (“RCR”), a leading supplier of marine products, on an investment in the business by Mangrove Equity Partners LP (Mangrove) and Hunter Equity Capital, LLC (Hunter).  Terms of the deal were not disclosed.

RC Rasmussen is a Seattle-based company that rents and sells heavy equipment used in marine-related construction.  The Company offers one of the largest fleets of new and used winches in the U.S., along with floats, wire rope, and deck equipment.  Charles Rasmussen Sr. founded the family business in the early 1930s when he began building and operating salmon fish traps, which was succeeded by his son Charlie, and subsequently his grandson Richard who successfully grew the business for 50 years. The Company has evolved to now include all equipment necessary to create a complete mooring or lifting/lowering system.

RCR’s loyal and diverse customer list spans the U.S. and consists of the country’s largest contractors, working on high-profile projects like the Tappan Zee Bridge (NY), the Oroville (CA) dam, and many others.

David Bench, Managing Director of Capstone Headwaters, commented, “Interest among investors for the recapitalization of RCR was very diverse. However, the strategic and cultural fit with the Mangrove/Hunter partnership was very compelling, and we are delighted to have played a role in helping RCR and the Rasmussen family partner with a firm that will lead the company in its next chapter of success.

Mangrove Partner Mark Danzi, commented, “Mangrove’s new partnership with RCR and Hunter is consistent with our approach of investing in leading niche businesses where our operating experience and collaborative approach can help build value.  We look forward to partnering with the Rasmussen family and Hunter.”  The investment in RCR represents the second time Hunter and Mangrove have partnered to invest in a business in the specialty rental space.

Hunter’s Managing Partner Douglas Smith, added, “I am truly excited to work with the Rasmussen family and my partners at Mangrove to see where we can take the business.  RCR is a unique platform with the potential to dominate the North American marine rental market.” RCR is Hunter’s 11th transaction in the space over the last decade.  Mr. Smith will work closely with Rick Rasmussen to augment the team and accelerate growth. 

Awards & Accolades

USA Private Equity Deal of the Year
“The team of Mangrove/Hunter is the perfect partner to advance RCR’s leadership within the marine construction supply market, We were extremely pleased with Capstone Headwaters who represented us in this complex sale process, and optimized all aspects of the transaction for our family.”
Rick Rasmussen II
RC Rasmussen