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
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.
David Lilly or Laura Walters
Kekst & Company
SOURCE Palladium Equity Partners, LLC