Cincinnati, OH - ProMach, Inc., today announced a definitive agreement under which The Resolute Fund II, L.P., an affiliate of The Jordan Company, will acquire the company from Odyssey Investment Partners, LLC. Financial terms of the transaction were not disclosed.
ProMach is the leading provider of packaging machinery solutions and related aftermarket products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries. ProMach's leading market position is derived from its broad product offering and ability to develop customized packaging machinery solutions that drive efficiency, accommodate changes to packaging formats and promote customer product innovation.
"We are excited to be partnering with The Jordan Company," said Mark Anderson, Chief Executive Officer of ProMach. "The Jordan Company team has an impressive track record, understands our business and shares our vision for the future of the Company. We look forward to working closely with them to pursue our strategic objectives and continue our strong customer focus."
"ProMach has a proven track record of solving its customers' complex marketing and operational challenges, and that success is reflected in its stable, global customer base," said Brian Higgins, Principal, The Jordan Company. "The management team has transformed ProMach from a portfolio of individual brands to an integrated operating company with a unified market strategy. We look forward to partnering with Mark Anderson and the ProMach leadership team to continue building the premium brand in the North American packaging machinery industry."
Craig Staub, a Managing Principal of Odyssey Investment Partners, said, "We are proud of what ProMach has accomplished in recent years and the success of our investment. The Company's excellent management team has consistently delivered superior products and services to its customers. We wish the ProMach team continued success under The Jordan Company's ownership."
Completion of the transaction, which is expected in July 2011, is subject to customary closing conditions, including repayment of substantially all outstanding ProMach debt.
Barclays Capital is arranging debt financing for the transaction and Mayer Brown LLP is acting as legal advisor to The Jordan Company. Barclays Capital is acting as financial advisor to ProMach and Latham & Watkins LLP is acting as legal advisor.
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.
About ProMach
ProMach is a family of best-in-class packaging and processing 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 production line: processing, filling, bottling and capping, decorative labeling, flexibles and trays, pharma, handling and sterilizing, labeling and coding, and robotics and end of line. ProMach also provides systems and integration including turnkey solutions, design/build, engineering services, and productivity software to optimize production line design and deliver maximum uptime.
ProMach designs, manufactures, integrates, and supports the most sophisticated and advanced packaging and processing 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 www.ProMachBuilt.com and for more information on ProMach Careers, visit www.ProMachCareers.com.