The Resolute Fund II, LP, an affiliate of The Jordan Company, is to acquire Pro Mach from from Odyssey Investment Partners, LLC. Financial terms of the transaction have not been disclosed.
Pro Mach is a 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 customised 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," says 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."
Brian Higgins, Principal, The Jordan Company, says: "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. 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, adds: "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.
