CLEVELAND, Aug. 2 /PRNewswire/ -- Resilience Capital Partners
(www.resiliencecapital.com), a Cleveland-based private equity firm, has
completed the acquisition of Penda Corporation of Portage, Wisconsin.
Penda Automotive is a leading manufacturer of original equipment and
aftermarket drop-in bedliners and thermoformed tonneau covers. The Penda
Water Management business unit serves a growing range of customers through
its innovative SmartDitch(TM) thermoformed channel/ditch-lining system.
Penda Premier Solutions provides turnkey operations for companies seeking
innovative, custom-molded products and components for virtually any
Over the past several years, Penda has broadened its product portfolio
for the light-truck original equipment and aftermarket industries while
expanding into the governmental/commercial/industrial water management and
custom thermoforming markets.
"Resilience Capital Partners believes the end markets served will
continue to improve over time and we are very excited to add this company
to The Resilience Fund II portfolio," said Steven Rosen, a Managing Partner
of Resilience Capital Partners.
"We are very pleased to have attracted such a well-established and
progressive investment partner. Resilience supports Penda's growth strategy
and will allow us to invest the necessary resources in strengthening our
competitive position within the automotive, water management and custom
thermoforming markets," said Ulf Buergel, Penda's President and CEO.
"We have been very impressed and are highly enthusiastic to be working
with the management team, employees, customers and suppliers of Penda to
continue its growth and diversification. Ulf Buergel and his team have
positioned the company well for continued success," said Bassem Mansour, a
Managing Partner of Resilience Capital Partners.
Resilience Capital Partners is a private equity firm with offices in
Cleveland, Ohio and Detroit, Michigan is focused on investing in
underperforming and turnaround situations. Resilience's investment strategy
is to acquire lower middle market companies that have solid fundamental
business prospects, but have suffered from a cyclical industry downturn,
are under- capitalized, or have less than adequate management resources.
Resilience typically acquires companies with revenues of $25 million to
$250 million. Since its inception in 2001, Resilience has acquired 14
companies with combined revenues in excess of $750 million.
For More Information:
Resilience Capital Partners
SOURCE Resilience Capital Partners