Centerbridge Partners has agreed to make a “substantial” undisclosed minority investment in syncreon Holdings Limited. J.P. Morgan Securities, Morgan Stanley & Co. and Simpson Thacher & Bartlett advised syncreon in the transaction while Goldman Sachs and Weil, Gotshal & Manges advised Centerbridge. Syncreon, which is backed by GenNx360 Capital Partners, is a provider of supply chain services.
AUBURN HILLS, Mich., Sept. 5, 2013 /PRNewswire/ — syncreon Holdings Limited (“syncreon” or the “Company”), a leading global provider of customized supply chain services, today announced that it has reached an agreement with its existing shareholders and Centerbridge Partners, L.P. (“Centerbridge”) under which Centerbridge will make a substantial minority equity investment in syncreon. Existing shareholder GenNx360 Capital Partners (“GenNx360”) and existing Enright Family related shareholders will retain significant equity ownership in the Company following the transaction.
Brian Enright, co-founder and CEO of syncreon, said: “I am very pleased that we have reached an agreement with Centerbridge to be part of the next phase of syncreon’s development. This investment is all about supporting the growth of the Company. With Centerbridge onboarding to the shared vision and strategy of the existing shareholders, the Company is poised to take the next steps in building out its service offering capability and footprint. I am sure the Company is about to enter a very exciting next phase of growth and development.”
Will Manuel, Senior Managing Director at Centerbridge, said: “We believe this is an exceptional opportunity to back a world-class management team in continuing to grow a differentiated, best-in-class business. The Company has an impressive operational track record as evidenced by their longstanding relationships with leading companies in both the technology and automotive industries. We are pleased to have the opportunity to partner with management and GenNx360 in the next stage of the Company’s growth.”
Ronald Blaylock Founder and Managing Partner at GenNx360, remarked, “We have been very pleased with the performance of the Company and its management since our original investment in early 2009. syncreon has been a very good investment for our fund. This transaction allows our investors to realize some of the gains that syncreon has achieved and to continue to participate in syncreon’s potential growth and value creation. We believe that the addition of Centerbridge will enhance the Company’s ability to achieve this.”
J.P. Morgan Securities LLC., Morgan Stanley & Co. and Simpson Thacher & Bartlett LLP advised syncreon. GenNx360 was advised by Schulte Roth & Zabel LLP and Centerbridge was advised by Goldman Sachs & Co. and Weil, Gotshal & Manges LLP.
syncreon Holdings Limited is a global provider of advanced supply chain services that can be tailored to create specific customized solutions for their customers. They offer a range of 3PL and 4PL services in an asset-light business model to provide specialized transportation, inbound, outbound, fulfillment, and aftermarket logistics services. syncreon operates in over 20 countries, with more than 90 facilities, and approximately 12,000 employees.
Centerbridge Partners, L.P. is a private investment firm with offices in New York and London and has approximately $20 billion in capital under management as of July 2013. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
GenNx360 Capital Partners is a private equity firm focused on investing in industrial business-to-business companies in the middle market. It applies years of Fortune 50 operational and leadership experience to these investments to help drive growth and value creation. The firm primarily focuses on opportunities in the industrial machinery and components, oil and gas, transportation and logistics, agricultural, specialty chemicals, and aerospace sectors. GenNx360 was founded in 2006 and is headquartered in New York City.