ProMach Announces New Ownership by Leonard Green & PartnersMar 07, 2018
CINCINNATI, Ohio – ProMach, a leader in packaging machinery solutions, announced today the completion of its acquisition by affiliates of Leonard Green & Partners from affiliates of AEA Investors. Financial terms were not disclosed. ProMach's management team and employees will continue to operate from their facilities across the globe.
Founded in 1998, ProMach is a family of best-in-class packaging solution product brands serving manufacturers of all sizes, geographies, and industries. ProMach product brands operate across the entire packaging spectrum providing solutions for nearly every application, including integration and engineering services for complete turnkey packaging lines.
"We are very excited to be working with Leonard Green,” said Mark Anderson, President and CEO of ProMach. "It's a tremendous next step in ProMach's development and I am confident they will be an exceptional partner as we enter into our third decade of serving the packaging industry. The ProMach management team is fully committed to continue building our company by expanding our capabilities and services to bring value to our customers and by providing a great place for our people to work. The Leonard Green team shares our vision and has a stellar reputation for partnering with management teams to deliver growth, following up on our successful partnership with AEA which helped us nearly double our business over the last three years."
"Our entire management team and employees look forward to working with Leonard Green to continue growing and developing our remarkable organization and continue bringing the best overall customer experience to the packaging industry," added Mr. Anderson.
Leonard Green & Partners, based in Los Angeles, is a leading private equity investment firm with more than $25 billion of assets currently under management. Since its founding in 1989, the firm has invested in over 90 companies primarily in the consumer services, business services, healthcare services, and retail sectors.
"We feel ProMach is well positioned for long-term success," said Chris McCollum, Partner at Leonard Green & Partners. "They have a superb reputation for innovation and product excellence combined with outstanding customer service, an excellent management team, and a significant footprint in the packaging industry. We look forward to continuing to build on ProMach's strong foundation as the world's premier provider of complete packaging line solutions."About Leonard Green & Partners
Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail. For more information, please visit www.LeonardGreen.com.
About AEA Investors
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA's active individual investors (the "Participants") include an extraordinary network of more than 75 highly successful business executives, industrial families, and former government leaders. Today, AEA's approximately 70 investment professionals operate globally with offices in New York, Connecticut, London, Munich, and Shanghai. The firm manages funds that have approximately $10 billion of invested and committed capital, including the leveraged buyouts of middle market companies and small businesses and mezzanine and senior debt investing. AEA Private Equity invests across four sectors: value added industrial products, specialty chemicals, consumer products / retail and services. For further information about AEA, please visit www.AEAInvestors.com.
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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