ProMach Announces New Ownership by The Jordan CompanyJul 06, 2011
- Management team remains intact
- ProMach to accelerate growth strategy and customer service initiatives
Cincinnati, OH - ProMach, Inc. announced today the completion of its acquisition by The Resolute Fund II, L.P., an affiliate of The Jordan Company, from Odyssey Investment Partners, LLC. Financial terms of the transaction were not disclosed.
ProMach is a leading provider of integrated packaging products and solutions for food, beverage, household goods, pharmaceutical, and other consumer and industrial markets. ProMach supports a diverse customer base, from Fortune 500 companies to smaller, privately-held businesses worldwide. It is headquartered near Cincinnati, Ohio with manufacturing facilities and offices throughout the United States and Canada.
"We are proud to announce our new ownership under The Jordan Company," said Mark Anderson, ProMach President and CEO. "Our management team and I look forward to partnering with them to accelerate our growth strategy and build on our position as one of the largest packaging machinery manufacturers in North America."
"Our outstanding management team, which transformed ProMach from a collection of individual brands to a leading integrated solution provider, will remain intact and continue to lead our growth and execute our strategy," added Mr. Anderson. "The Jordan Company, with headquarters in New York and offices in Chicago and Shanghai, China, will provide significant support for ProMach and its management team to draw upon as we continue to grow our company and fulfill our highest priority - serving our customers. With The Jordan Company's support, we look forward to enhancing ProCustomer, our exemplary customer sales, support and service program that ProMach is recognized for in the packaging industry."
ProMach's product and solution brands include Allpax, Axon, Brenton, Currie by Brenton, Dekka, Fowler, ID Technology, IPAK, LSI, Orion, Ossid, Rennco, Roberts PolyPro, Shuttleworth, Wexxar/Bel, and ProCustomer.
"By providing a single source for integrated solutions and a wide range of standalone products, ProMach solves strategically important packaging operations challenges for a diverse range of customers every day," said Brian Higgins, Principal, The Jordan Company. "ProMach and its brands have an excellent reputation for consistent delivery of exceptional products and support to its demanding customers, many of whom have been customers for more than 20 years. We look forward to working with the ProMach management team to expand ProMach's capabilities to provide superior products and services to its customers."
Barclays Capital arranged the debt financing for the transaction. Mayer Brown LLP acted as legal advisor to The Jordan Company. Barclays Capital acted as financial advisor to ProMach. Latham & Watkins LLP and Thompson Hine LLP acted as legal advisors.
About The Jordan Company
The Jordan Company (www.thejordancompany.com), founded in 1982, is a leading middle-market private equity firm with over $5 billion of assets under management and a successful track record of investing in and growing businesses across a wide range of industries. The firm's partners have been investing together for more than two decades, establishing The Jordan Company as one of the most experienced and stable investment teams in private equity. The investment team is supported by the firm's Operations Management Group, which initiates and supports operational improvements in portfolio companies. The firm generates deal flow through a well-developed network of sourcing relationships. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with more than $2 billion under management. Odyssey Investment Partners, LLC primarily makes control investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, LLC, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.
Manufacturers of consumer and food service disposables, hardware, consumer goods, medical goods, and industrial laundry services rely on Rennco for high-performance automatic and semi-automatic vertical bagging systems and heat sealing solutions. As part of the ProMach Flexibles business line, Rennco helps our packaging customers protect and grow the reputation and trust of their consumers. ProMach is performance, and the proof is in every package. Learn more about Rennco at www.Rennco.com and more about ProMach at ProMachBuilt.com.
Media ContactJohn Eklund | 1-704-944-5340
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