Pennington Allen Capital Partners has acquired the 25% stake it did not already own in Bliss Industries LLC, a Ponca City, Okla.-based maker of hammermills, pelletmills, coolers and related equipment. No financial terms were disclosed. As part of the transaction, Bliss president Greg Alles will take over as CEO, with company founder Bill Bliss retiring.
Bliss Industries, LLC, a leading manufacturer of hammermills, pelletmills, coolers and other related equipment, announces the retirement of Bill Bliss, founder of Bliss Industries. Greg Alles, President of Bliss Industries, will assume his operational duties. In connection with Mr. Bliss’ retirement, Pennington Allen Capital Partners has acquired his 25% ownership interest in Bliss Industries, and Pennington Allen Capital Partners now owns 100% of the Company.
Bill Bliss started Bliss Industries in 1981 in Ponca City, OK and quickly established Bliss as an industry leader in the production of hammermills, and later in the production of pelletmills, coolers and related equipment. In July of 2007, Pennington Allen Capital Partners, a private investment firm, established a partnership with Bill Bliss by acquiring 75% of Bliss Industries, while the two partners of the firm, W. Lane Pennington and Mark H. Allen, became active senior executives of Bliss as well as members of the Board of Directors. With Mr. Bliss’ retirement, W. Lane Pennington will serve as Chairman of the Board, Mark H. Allen will serve as Chief Executive Officer and Greg Alles will continue in his role as President.
“Bill Bliss had the knowledge and vision to create and grow a thriving business, as well as the foresight to see the different industries in which these products can be used. He is living the American Dream of building his own company by building better products with loyal and hardworking employees,” said Mark H. Allen “While Bill will be sorely missed, we are excited about our future. Since we made our original investment, we have recruited a talented management team of the following senior executives Pete Davies in manufacturing, Jim Greenburg in engineering, Paul Gill in finance, administration and business development and with Greg Alles leading the team as president. Greg has 30 years of experience in the industry, including 13 years with the Company and has a unique view from both inside and outside the Company. In addition, we have also been able to retain our valuable employees, including Chad Cook and Rick Bliss at the executive level. With this team in place, we are extending our product lines and distribution channels, increasing our production efficiency and capacity and positioning the Company to better serve the many industries currently using Bliss products, including the emerging alternative/renewable fuels industries where our products will serve a key role.”
Mr. Allen also stated, “From the Pennington Allen perspective, we are extremely pleased with our investment in Bliss and the performance of the Company to date. We are even more excited about the future of the Company. We are also pleased that we were able to acquire Bill’s remaining interest in the Company and that the consideration for the acquired interest will not require any additional capital contributions from our investors. Thus, we were able to increase their ownership in the Company by 33 1/3% with payments to Mr. Bliss provided from the cash flow of the Company. This transaction yields a highly accretive result for our investors.”
About Pennington Allen Capital Partners
Pennington Allen Capital Partners is a private investment firm focused on the acquisition of manufacturing, distribution, and business service companies and providing private equity to fund growth and other transformational needs of its business partners. The firm couples its capital resources with strategic and operational services to allow small and medium sized businesses to reach their full potential. Pennington Allen was formed in 2003 in Dallas, TX under the name of Whiterock Affiliates, and now maintains its headquarters in Tulsa, OK. The principals of Pennington Allen Capital Partners include W. Lane Pennington and Mark H. Allen. During the past five years, Pennington Allen has participated in transactions exceeding $800 million in total enterprise value.