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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Palladium Equity Partners Announces Recapitalizations of Two Portfolio Companies
Jul 25, 2013, 08:30 ET
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