Private equity firm Windjammer Capital Investors exited its investment in MacLean Power Systems, the firm revealed. Over Windjammer’s 8-year holding period, the investment in MPS generated total proceeds of $128.2 million on $30.6 million of invested capital.
Windjammer Capital Investors is pleased to announce the successful exit of its investment in MacLean Power Systems (“MPS”). In September 2002, Windjammer invested $17.5 million in subordinated debt and convertible preferred stock to support a strategic acquisition. In December of 2004, Windjammer provided an additional $13.1 million of subordinated debt to support the Company’s acquisition of Joslyn Manufacturing Company from Danaher Corporation. Over Windjammer’s 8-year holding period, the investment in MPS generated total proceeds of $128.2 million on $30.6 million of invested capital. During this same period, the Company’s earnings increased nearly threefold.
Based in Franklin Park, IL, MPS is a family-owned business that manufactures specialty electrical hardware and insulator components for the electrical utility industry. The Company’s products are primarily utilized in power transmission and distribution systems on a worldwide basis and products are sold through distributors and direct into the electrical utility markets. The Company conducts its operations through 9 manufacturing facilities located throughout the U.S., Europe and China and is a subsidiary of MacLean-Fogg Company.
As the first institutional investor in MPS, Windjammer’s initial investment in the Company incorporated a very flexible capital structure that addressed the needs of the Company and family shareholders. As a member of the board of directors, Windjammer has been a strong proponent of growth through both internal initiatives and strategic acquisitions. Windjammer worked closely with management in the evaluation of acquisition opportunities in addition to providing an expansive network of market contacts to help optimize the value of the Company.
Windjammer’s original investment thesis centered on the Company’s strong market position in an attractive sector, the Company historically demonstrated the ability to acquire related component manufacturers and apply its world class manufacturing practices to significantly improve the operations of these acquired businesses. The Company’s mission critical products continue to be essential to the operations of power transmission and distribution systems worldwide.
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, WCI manages institutional funds totaling over $1.2 billion of capital and is currently investing its latest fund of $575 million which it raised in 2006. In its history, WCI has closed on portfolio company investments with an aggregate value exceeding $7 billion.
Please visit www.windjammercapital.com for more information