Odyssey Investment Partners Acquire ProMach, Inc., packaging systems leader, from Frontenac CompanyDec 14, 2004
NEW YORK, NY; ATLANTA, GA - Odyssey Investment Partners LLC and ProMach, Inc. ("ProMach" or the "Company") today announced the closing of their transaction whereby Odyssey will acquire ProMach from an investor group led by Frontenac Company LLC. Financial terms of the transaction were not disclosed.
ProMach is a leading North American designer, manufacturer and marketer of packaging machinery within the bottling line/liquid packaging, flexible packaging, end-of-line packaging and identification (labeling/marking/coding) segments of the industry. The Company sells into a diverse set of end-markets such as food, beverage and pharmaceutical. In addition to packaging machinery, ProMach sells replacement parts and consumables to its customers, as well as services such as training, installation and maintenance. Headquartered in Atlanta, ProMach employs approximately 800 people in the United States and Canada. The Company generates annual revenues of more than $150 million.
Brian Kwait, a Managing Principal of Odyssey Investment Partners, said, "We are pleased to have the opportunity to acquire ProMach, a company with leading positions in all of its business markets. ProMach provides its customers with the highest levels of service, product quality and innovation available, and has earned a strong reputation for excellence. We look forward to working with the management team to build on the Company's fundamental strengths as well as pursue attractive growth opportunities in the future."
"ProMach is pleased to join forces with Odyssey Investment Partners, which shares our commitment to become the leading packaging system solutions provider to the North American consumer products industry," said J.P. Richard, founder and Chairman of ProMach. "We believe that our existing product platform and strong management team, combined with Odyssey's experience in industrial businesses with significant aftermarket and service components, will allow ProMach to successfully expand its leading market position within the industry."
Concurrent with the closing of the transaction, John Paxton joined the Company as Chief Executive Officer. Mr Paxton has over 30 years of management experience as Chairman, President, CEO and other senior positions in the aerospace, automatic identification systems, logistics and industrial sectors. Most recently, Mr. Paxton was President of Zebra Technologies, Inc. where he reversed a negative trend and generated record earnings in 2003. Previously, he was CEO of Telxon Corporation and Monarch Marking Systems.
ProMach's products are sold under a variety of brand names, including Axon, Belcor, Brenton, ID Technology, Fowler, Orion, Ossid, Rennco, Roberts PolyPro and Wexxar. The Company's customers include many of North America's "Fortune 500" consumer products companies.
Odyssey Investment Partners LLC, based in New York, is a leading middle-market private equity fund with more than $1.0 billion under management. Odyssey focuses on companies in the industrial, business services and financial services sectors. Odyssey has a long history of investing in industrial manufacturers that also provide related parts, consumables and services, including Monarch Marking Systems, Inc., TransDigm, Inc. and Aviation Technologies, Inc. For more information on Odyssey, please visit www.odysseyinvestment.com.
ProMach is a family of best-in-class packaging solution brands serving manufacturers of all sizes and geographies in the food, beverage, pharmaceutical, personal care, and household and industrial goods industries. ProMach brands operate across the entire packaging spectrum: filling and capping, flexibles, pharma, product handling, labeling and coding, and end of line. ProMach also provides Performance Services including integrated solutions, design/build, engineering services, and productivity software to optimize packaging line design and deliver maximum uptime.
ProMach designs, manufactures, integrates, and supports the most sophisticated and advanced packaging solutions in the global marketplace. Its diverse customer base, from Fortune 500 companies to smaller, privately-held businesses worldwide, depends on reliable, flexible, technologically advanced equipment and integrated solutions. ProMach is headquartered near Cincinnati, Ohio, with manufacturing facilities and offices throughout North America, Europe, South America, and Asia. For more information about ProMach, visit ProMachBuilt.com.
Vice President, Marketing