Gloucester Engineering Co., a Gloucester, Mass.-based provider of system and component solutions to the plastics extrusion and converting market, has secured a credit facility from an affiliate of Blue Wolf Capital Management.
An affiliate of Blue Wolf Capital Fund II (“Blue Wolf”) today announced that it has reached an agreement to provide a credit facility to Gloucester, Massachusetts-based Gloucester Engineering Co. (“GEC”) to fund its working capital requirements.
The infusion of capital will fund GEC’s near-term capital requirements and allow the company to return to its daily business of taking and fulfilling orders and servicing its customers. Additional financial details were not disclosed.
“We are very pleased to be working with Gloucester Engineering,” said Michael Ranson, a Partner at Blue Wolf. “This is a company that offers leading products and has a dedicated base of global customers. With more than 1,200 pieces of equipment in the field, GEC is a leading provider of capital equipment for the plastics extrusion and converting industry. Its industry is strong and growing, and we believe that this funding will allow Gloucester to resume its leadership position and take advantage of improving economic conditions.”
“Blue Wolf is the right financial partner for Gloucester Engineering at this pivotal time,” said Carl Johnson, President of Gloucester Engineering. “We are excited that they have recognized the value in our brand. We believe that our strong lineup of products, including new technologies such as the Wow Winder, will ensure we are poised for great future success.”
About Blue Wolf Capital Management
Blue Wolf Capital Management LLC is a private equity firm that invests in companies in which effective management of relationships with complex constituencies, such as government and labor, can change organizations and create value. For additional information, please visit www.blue-wolf.com.
About Gloucester Engineering Co. Inc.
Since its inception in 1961, Gloucester Engineering Company has been a global leader in advancing quality and production limits in the plastics extrusion and converting market. GEC offers a range of innovative system and component solutions, for both new lines and retrofits, that provide customers a competitive edge in applications that include bag making, foam and sheet extrusion, blown and cast film extrusion, and extrusion coating.
GEC manufactures its equipment from its headquarters in Gloucester, MA, USA and through its joint-venture company in Damman, India, Kabra Gloucester Engineering.