Mar, 2012 - Windjammer Capital Investors: 2011 Update
2011 was a busy year for Windjammer with the acquisition of two platform companies, the exit of another, and having received an award. Below we have provided an update of Windjammer's activities from the past year.
May. 2011- Windjammer Acquires Protective Industries (aka Caplugs) in Partnership with Management for $264 million
Founded in 1948 in Buffalo, NY, Caplugs has been a leader in the product protection industry for 60 years manufacturing caps, plugs, tubing, containers, edge liners, fasteners, netting, and masking products. The Company's line of protective closures are used in a wide range of industries and are mission critical to its customers throughout manufacturing, transportation and storage. Caplugs operates through a global footprint of four manufacturing and distribution facilities strategically located on the East and West coasts of the United States and in China. The Company specializes in injection molding, vinyl-dip molding and plastic extrusion, producing approximately 2 billion pieces a year. The business operates on a common tooling platform that enhances Caplugs' ability to service multinational customers. Windjammer's investment included a combination of equity and debt.
May. 2011- Awarded "Middle Market Firm of the Year: North America":
DealMakers Monthly magazine released its 2011 DealMakers Monthly Private Equity Awards which recognizes leading private equity firms within various areas of specialization and across various geographical regions. Over 23,000 votes were cast by DealMakers Monthly readership to draw the results of the poll. We are pleased to say that in May of 2011, Windjammer was awarded "Middle Market Firm of the Year: North America".
August. 2011- Windjammer Acquires JWC Environmental in Partnership with Management:
Formerly a family-owned business, JWC Environmental, headquartered in Costa Mesa, California, with operations in Georgia, the UK and China, is one of the most recognized brands in the wastewater treatment equipment industry. JWC manufactures and services over 200 highly engineered variations of grinders, screens and processing systems, including the legendary Muffin Monster sewage grinder. Over 25,000 Muffin Monsters are installed globally to grind up the solid debris that ends up in wastewater pump stations, pipelines and sludge lines. The dual-shafted grinder protects pumps and downstream systems from clogging and potential damage. Windjammer's investment included a combination of equity and debt.
August. 2011- Windjammer Exits its Investment in Rotex Global:
Formerly a family-owned business, Rotex Global, headquartered in Cincinnati, Ohio and with locations in England, Belgium, Germany, Japan and China, is a pioneer and global leader in the development of screening and separation equipment used in a broad range of process industries, including industrial minerals, food, grain, chemicals and plastics. Rotex specializes in providing high-volume, solid-to-solid gyratory separation equipment to customers around the world who rely on Rotex machines to deliver 24/7 performance, consistent product quality and precise end product output. The Company has established long term and well diversified relationships with customers in a broad range of industries globally. Rotex has leveraged its market leading position and breadth of capabilities to build a large installed machine base worldwide, which it supports through the supply of aftermarket replacement parts. In March of 2007, Windjammer partnered with the management team to acquire Rotex in a leveraged buyout for a purchase price of $85 million. Windjammer's investment included a combination of equity and debt. During Windjammer's investment period, EBITDA more than doubled due to a combination of organic growth initiatives and operational improvements. In August of 2011, Hillenbrand (NYSE: HI), a diversified business enterprise that provides equipment and systems used in various processing applications for the industrial markets, acquired Rotex for $240 million in cash.