PORTAGE, Wis., Jan. 6 /PRNewswire/ -- Penda Corporation, a manufacturer
and marketer of innovative, high-quality thermoformed solutions, and Durakon
Industries, Inc. a supplier of advanced thermoformed automotive components,
have merged effective December 23, 2008. The name of the new entity will
remain Penda Corporation; the headquarters will be in Portage, Wisconsin.
Penda, a portfolio company of Resilience Capital Partners, is a leading
manufacturer of original equipment and aftermarket drop-in bedliners and
thermoformed tonneau covers and also serves a growing range of customers
through its innovative SmartDitch(TM) thermoformed channel/ditch-lining
system. Additionally, Penda provides turnkey operations for companies seeking
innovative, custom molded products and components for virtually any commercial
Durakon Industries, a portfolio company of Littlejohn & Co., LLC, is a
leading manufacturer of vehicle protection and cargo management systems, which
include bedliners, lightweight hard tonneau covers, and cargo van panels for
the OEM and aftermarket. Durakon is also a pioneer in decorative exterior
panels including running boards, stone guards, rocker panels, front and bumper
fascias and more.
"Combining the core competencies, capacities and complementary channels to
market of Penda and Durakon will create a leading heavy gauge thermoformer
with a strong technology base, sufficient capacity for future growth and
diversified market participation," according to Ulf Buergel, President & Chief
Executive Officer of the combined companies. The two companies currently
operate three facilities, in Portage, Wisconsin; Lapeer, Michigan; and Lerma,
Mexico. "Both companies have proprietary, state of the art technologies and
the merger will allow us to make these technologies and experience available
to customers within our core market, the automotive industry, as well as other
target markets," said Buergel.
"We continue to be impressed with the management team, employees,
customers and suppliers of Penda and believe the combined companies will be
well positioned for success," said Bassem Mansour, a Managing Partner of
Resilience Capital Partners.
"Durakon has leveraged its leading technology in order to transform its
operations and has made tremendous strides in developing innovative new
products for the automotive sector, as well as other industries," said Brian
Ramsay, a Managing Director of Littlejohn & Co., LLC. "The combination with
Penda will create an enhanced platform to serve the marketplace."
ABOUT RESILIENCE CAPITAL PARTNERS
Headquartered in Cleveland, Ohio, Resilience Capital Partners is a leading
private equity firm specializing in investing in lower middle market companies
within a broad range of industries. Resilience's value oriented investment
strategy is to acquire companies with solid business prospects in a variety of
special situations including underperformers, corporate divestitures,
turnarounds, and orphan public companies. Since its inception in 2001,
Resilience has acquired 17 companies with total revenue in excess of $1.5
billion. For more information, please visit www.resiliencecapital.com , or
Resilience can be reached at 216-292-0200.
ABOUT LITTLEJOHN & CO.
Founded in 1996, Littlejohn & Co., LLC is a Greenwich, Connecticut-based
control-oriented private equity firm seeking investment opportunities in the
middle-market sector that are undergoing a fundamental change in capital
structure, strategy, operations or growth that can benefit from its
operational and strategic approach. The firm's professionals manage three
funds with committed capital of approximately $1.6 billion. The firm is
currently investing from Littlejohn Fund III, L.P. which has $850 million in
capital commitments. For more information, visit www.littlejohnllc.com , or
Littlejohn can be reached at 203-552-3500.
For more information please contact Kathy Cromey, Penda Corporation at
608-742-5301 or visit www.penda.com .
For Resilience Capital Partners: Bassem Mansour at 216-292-0200
For Littlejohn & Co.: Chris Tofalli, Chris Tofalli Public Relations at
SOURCE Resilience Capital Partners