Isola Group Successfully Transfers Ownership to Investment Group Led by Cerberus Capital Management

CHANDLER, Ariz., Jan. 4, 2018 /PRNewswire/ -- Isola Group ("Isola" or the "Company"), a market leader in copper-clad laminates and dielectric prepreg materials used to fabricate advanced multilayer printed circuit boards, announced today that it has completed an agreement to successfully transfer its equity ownership to an investment group led by Cerberus Capital Management, L.P. and its affiliates ("Cerberus") and the Company's senior secured lenders.

The transaction significantly improves Isola's capital structure and secures additional liquidity to enhance the Company's long-term financial position. Cerberus and the other new equity owners are providing a new revolving credit facility to the Company and have agreed to amend and extend the existing secured loan facility to 2022. In addition, the cash interest expense associated with the secured facility has been reduced to one percent, and the total debt on Isola's balance sheet has been reduced significantly, providing the Company with the financial flexibility to grow its business.

"We are very excited to be working with the new ownership group led by Cerberus," said Jeff Waters, President and CEO of Isola. "We have been transforming the Company over the past two years, with new products now entering the market to fuel our growth. With our new capital structure, we have new degrees of flexibility that will only accelerate our strategies and success."

"With today's agreement, Isola has a stronger financial outlook and access to long-term capital that positions the Company for future growth," said Joseph A. Naccarato, Chief Operating Officer and Chief Credit Officer, Cerberus Business Finance, LLC. "Beyond financial resources, Cerberus has one of the largest and most experienced teams of operating executives and functional experts in the investment industry. We look forward to working alongside Isola's talented management and employees to support its global business going forward."

About Isola
Isola Group, headquartered in Chandler, Arizona, is a global material sciences company focused on designing, developing, manufacturing, and marketing copper-clad laminates and dielectric prepregs used to fabricate advanced multi-layer printed circuit boards. The Company's high-performance materials are used in sophisticated electronic applications in the communications infrastructure, computing/networking, military, medical, aerospace, and automotive industries. For more information, visit our website at http://www.isola-group.com/. 

About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with more than US $30 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.

Contact
Andrew Johnson
Glover Park Group
(646) 495-2700
[email protected]

SOURCE Cerberus Capital Management, L.P.