Ardian North America Direct Buyouts Team Announces Agreement for the Acquisition of Revere Plastics Systems
Ardian's investment will boost the growth strategy of leading U.S. plastic injection molding manufacturer
NEW YORK, Nov. 20, 2017 /PRNewswire/ -- Ardian, a world-leading private investment house, today announces that its North America Direct Buyouts team has reached an agreement to acquire Revere Plastics Systems, a designer and manufacturer of plastic injection molded parts, from its parent, Revere Industries LLC. Ardian will acquire a 100 percent interest in the company.
Founded in 2005 and headquartered in Clyde, Ohio, Revere Plastics Systems partners with clients in the appliance, automotive, outdoor power equipment, medical and consumer goods industries. Its manufacturing capabilities include value-add plastic injection molding, insert and multi-shot molding, IML/IMD decorating, laser etching, assembly, numerous types of welding, inspection and leak testing.
Beyond its headquarters in Ohio, the company has three additional manufacturing facilities in Indiana, Missouri and Ontario. With approximately 1,100 employees, the company is at the forefront of developing highly tailored and advanced technologies to support customers manufacturing needs.
"Revere Plastics Systems is a market-leading plastic injection molding manufacturer well positioned for growth. Revere's highly capable leadership, blue-chip customer base and its value-add capabilities gave us great confidence in the company's potential and we foresee expansion opportunities for the company ahead," said Vincent Fandozzi, head of Ardian North America Direct Buyouts.
Kevin Kruse, managing director, North America Direct Buyouts, added, "Furthermore, our investment in Revere will be supported by Ardian's considerable experience and relationships in the industrial manufacturing sector alongside Ardian's global network."
"We are delighted to have Ardian as a partner on our side as we embark on the next stage of our growth. Ardian's support will allow us to invest in additional capacity and new technologies enhancing our capabilities to serve our customer base," said Glen Fish, president of Revere Plastics Systems. "There are great opportunities ahead and we are looking forward to taking advantage of them with the full support of Ardian," continued Fish.
"We look forward to working with Glen and the incredible people who make up the Revere employee base on this next chapter in the company's development," added Fandozzi.
Ardian launched its North America Direct Buyouts activity in October 2016 when it brought on board the team from Seven Mile Capital Partners, led by Mr. Fandozzi. The North American direct investment activity focuses on lower middle-market buyouts, specifically middle-market industrial and related business services companies in North America. This is the second transaction completed by the team after the acquisition, in June 2017, of Dynamic Technologies, the designer and manufacturer of automotive fluid-handling systems.
Financial details for the transaction were not disclosed. The transaction is expected to close by year-end.
ABOUT REVERE PLASTICS SYSTEMS
Revere Plastics Systems LLC designs, develops, manufactures and supplies plastic injection molded assemblies and components for the appliance, automotive, outdoor power equipment, medical, garden and consumer goods industries. It offers assemblies, which include doors, balance rings, bases, pumps, dispensers, rollers and dish racks for the appliance industry; lighting, interior, HVAC and braking for the automotive industry. The company also provides numerous engineered services; injection, stack, tandem and insert molding services; and multi-shot molding, mold-to-mold transfer, gas assist, in-mold decorating, vertical molding, testing, assembly and decorating services. The company was incorporated in 2005 and is based in Clyde, Ohio. It has locations in Clyde, Ohio; Jeffersonville, Indiana; Poplar Bluff, Missouri; and Brampton, Canada. www.revereplasticssystems.com
ABOUT ARDIAN
Ardian, founded in 1996 and led by Dominique Senequier, is an independent private equity company with assets of US$66bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fueling growth in economies across the world. Ardian's investment process embodies three values: excellence, loyalty and entrepreneurship.
Ardian maintains a truly global network, with more than 470 employees working through 12 offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 610 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates. www.ardian.com
ARDIAN U.S. PRESS CONTACT
The Neibart Group, Emma Murphy
Tel +1 718-875-4545
Cell + 1 347-968-6800
[email protected]
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