When it came time for Norwest Equity Partners to sell portfolio company Paladin Brands in an auction, the firm picked Dover Resources because of a successful deal with the Dover Corp. subsidiary three years ago.

Dover recently acquired Paladin, a provider of construction equipment, from Norwest for an undisclosed amount. Tim Kuehl, Norwest principal, said Dover, an industrial corporation with a $10 billion market cap, paid cash.

Norwest, which acquired Paladin in 2003, hired New York-based advisors Greenhill & Co. to shop Paladin in January. Kuehl wouldn't comment on other bidders but said Norwest ultimately chose Dover because of Paladin management's comfort with the corporation, and because of Norwest's experience with Dover. In 2003, Norwest and co-investor Endeavor Capital sold Warn Industries, a designer and manufacturer of off-road accessories for four-wheel drive trucks, to Dover for $325 million.

"In this case, we thought it would be a strong fit. There were attributes of Dover that Paladin is looking for," Kuehl said. "Having the past success with them also gave us the confidence they could come to the finish line."