The Jordan Company, through its Resolute Fund II, L.P., said Monday that it would buy Pro Mach Inc. from Odyssey Investment Partners. Financial terms of the deal were not released. Pro Mach provides packaging machinery products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries. Barclays Capital is arranging debt financing for the transaction, and Mayer Brown is legal advisor to The Jordan Company. Barclays Capital is acting as financial advisor to Pro Mach and Latham & Watkins is acting as legal advisor.
Pro Mach, Inc. (“Pro Mach” or the “Company”), 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.
Pro Mach 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. Pro Mach’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 Pro Mach. “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.”
“Pro Mach 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 Pro Mach 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 Pro Mach 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 Pro Mach 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 Pro Mach 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 Pro Mach 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 Pro Mach and Latham & Watkins LLP is acting as legal advisor.
About Pro Mach
Pro Mach has a diverse customer base, from Fortune 500 companies to smaller, privately-held businesses worldwide, which depend on reliable, flexible, technologically advanced packaging equipment and integrated solution sets. Pro Mach is headquartered near Cincinnati, Ohio with manufacturing facilities and offices throughout the United States and Canada. For more information about Pro Mach visit our website at www.ProMachInc.com.
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.