2014

Palladium Equity Partners Completes a $58.3 Million Recapitalization for Prince Minerals, Inc.

    NEW YORK, Jan. 9 /PRNewswire/ -- Palladium Equity Partners, LLC
 ("Palladium") and Prince Mineral Holdings Corp ("PMHC" or "the Company"), a
 Palladium Equity Partners II, L.P. portfolio company, announced today that
 they have completed a $58.3 million recapitalization of Prince Minerals,
 Inc., a leading producer and marketer of specialty mineral products and a
 subsidiary of PMHC.
     The financing, which generated a dividend for Palladium, included the
 participation of three financial institutions. Patriot Capital Funding,
 Inc. provided $23.3 million of junior secured debt and senior subordinated
 debt. Bank of America, N.A. and Merrill Lynch Capital each provided $17.5
 million of senior debt.
     J. Willson Ropp, Chairman & President of PMHC, stated, "Prince
 Minerals, Inc. acquired American Minerals from a subsidiary of Imerys SA in
 2005. With this acquisition, the Company has experienced significant growth
 and garnered expansion opportunities into new markets and products. We are
 very enthusiastic about our performance to date and look forward to
 continuing to build upon those opportunities."
     Marcos A. Rodriguez, founder and Managing Director of Palladium, said,
 "Thanks to the leadership of Mr. Ropp and his team, the Company's net sales
 have quadrupled from $23 million when Palladium acquired the company in
 2003 to $110 million in 2006. The recapitalization reflects this
 demonstrated operational success by accomplishing two goals: generating a
 return to investors and positioning the company for further expansion. We
 look forward to working closely with the entire management team as PMHC
 continues to grow profitably."
     O'Melveny & Myers served as legal counsel to PMHC.
     About Prince Mineral Holding Corp.
     Prince Mineral Holding Corp. ("PMHC") (www.princeminerals.com), through
 its operating subsidiaries, is a leading producer of mineral based
 colorants and additives supplying a wide variety of customers and
 industries throughout North America and Europe. PMHC is a portfolio company
 of Palladium Equity Partners II, L.P. and consists of two wholly owned
 operating subsidiaries, Prince Minerals, Inc. ("PMI") and Prince Minerals
 Limited ("PML"). PMI is a leading producer and marketer of specialty
 mineral products with a particular focus on naturally occurring minerals
 and pigment applications. Formed through the acquisition of The Prince
 Manufacturing Company in 2003, and American Minerals, Inc. ("AMI") in 2005,
 PMI is the North American subsidiary of PMHC. PMHC also owns a European
 subsidiary, Prince Minerals Limited, which was formed through the
 acquisition of Tarmac Minerals and Materials in April 2006. Headquartered
 in New York City, PMHC is dedicated to building a world-class specialty
 minerals producer and marketer via complementary acquisitions and internal
 growth.
     About Palladium Equity Partners, LLC
     Palladium Equity Partners, LLC (www.palladiumequity.com) is an
 investment firm focused on middle market companies in sectors including
 financial and business services, healthcare, retail, food, manufacturing
 and media. Palladium has a particular focus on companies well positioned to
 capitalize on the fast growing U.S. Hispanic market. The principals have
 invested more than $1 billion of equity in over 30 portfolio companies
 during the last two decades. Formed in 1997, Palladium currently has
 committed equity capital in excess of $750 million.
     CONTACT:
     David Lilly or Laura Walters
     Kekst & Company
     212-521-4800
 
 

SOURCE Palladium Equity Partners, LLC

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