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Windjammer exits Caplugs

Windjammer Capital Investors has sold its stake in Protective Industries Inc (“Caplugs”) to Berwind Consolidated Holdings Inc. No financial terms were disclosed. Houlihan Lokey provided financial advice to Caplugs on the transaction. Based in Buffalo, New York, Caplugs is a maker of plastic protection products.


Windjammer Capital Investors is pleased to announce the successful exit of its investment in Protective Industries, Inc. (“Caplugs” or the “Company”) in a sale to Berwind Consolidated Holdings, Inc. Terms of the transaction were not disclosed.

Founded in 1948, with headquarters in Buffalo, NY, Caplugs is a leading manufacturer of plastic protection products. The Company’s low-cost-to-value, highly engineered products include a wide range of molded and extruded caps, plugs, masking, and other application specific solutions that are critical for protecting customers’ higher cost components and finished goods. The Company serves its diverse, global customer base from facilities in North America and China. Caplugs’ products are primarily consumed in use during customers’ manufacturing processes or while transporting and/or storing products, creating a highly recurring revenue base. (
In May of 2011, Windjammer partnered with management and certain other investors to acquire Caplugs. During the firm’s ownership period, revenues and EBITDA more than doubled. The Company achieved these financial results through a number of initiatives both organic and M&A related.

Greg Bondick, Managing Director of Windjammer, commented, “From the beginning of our investment in Caplugs we knew there were a number of acquisition targets to pursue. Through our disciplined M&A approach we were able to augment the platform’s business through four acquisitions which increased the Company’s product breadth, geographic reach and positioned the Company to take share in high growth markets. This M&A plan was complemented by a series of organic market initiatives that added significant earnings momentum as well, such as the implementation of a New Product Development program, a reorganization of the sales and marketing functions, and the construction of a purpose built Chinese manufacturing facility.”

“Caplugs’ CEO joined the company shortly before our investment, and in partnership with him the culture of the business was transformed during our ownership” said Costa Littas, Managing Principal of Windjammer. “Many of the critical functional leadership positions were upgraded and the management team was able to leverage its existing world class manufacturing position as it created a successful sales and marketing driven organization.”

Houlihan Lokey acted as Caplugs’ financial advisor, and Choate Hall & Stewart LLP provided legal counsel.

About Windjammer Capital Investors:
Windjammer Capital Investors, with offices in Newport Beach, California and Waltham, Massachusetts, is a national private investment firm that makes control and non-control investments in leading middle market businesses in partnership with management. Founded in 1990, Windjammer’s institutional funds total roughly $2.0 billion of capital. Windjammer is currently investing out of its Windjammer Senior Equity Fund IV with capital commitments in excess of $725 million. (