PMCF Announces Sale of Ludlow Group, a Leading Manufacturer of Specialty Floor Matting and Industrial Products
Jan 18, 2013
Southfield, MI - P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to Crown Mats and Matting, its parent Ludlow Composites Corporation, and Matting Technology Corporation (collectively, the Ludlow Group or the Company) in a sale transaction to Desco Capital (Desco) and the management team. The transaction closed on December 31, 2012.
With locations in Fremont, Ohio and Granby, Quebec, the Ludlow Group is a leading manufacturer of vinyl-backed floor matting products, innovative anti-fatigue mats, and industrial foam products. The Company's floor matting products, marketed under the popular Crown Matting and Mat Tech brand names, can be found in commercial, retail, institutional, and industrial facilities across the world. The Company's anti-fatigue products use patented technology to provide comfort to standing workers in retail and industrial settings. The specialty industrial foam products are used in a variety of automotive, healthcare product, and industrial product applications.
"After many years of supporting the growth of the Company, I am pleased that the management team will be partnering with Desco Capital to acquire Ludlow Composites Corporation and Matting Technology Corporation," said Bob Moran, owner of the Ludlow Group. "With a compatible strategic vision for the business and operational resources to support the strategy, Desco will be an excellent partner to continue the Companies' tradition of producing quality products in North America."
"We are excited to be partnering with management to grow this well-positioned business" said Andrew Bohutinsky, managing director of Desco Capital. "Leveraging extensive financial and operational resources from our affiliated entity, Desco Corporation, we expect to partner with management to build long-term value and grow the fine business that Mr. Moran built over several decades."
Phil Gilbert, managing director of PMCF, said "This represents a classic example of how a capital transaction can benefit numerous interested parties. In addition to providing a liquidity event to Mr. Moran, who is retiring, this transaction enabled the alignment in strategic focus between an aggressive management team and a new ownership group with an appetite to pursue strategic growth opportunities."
Mr. Moran continued, "I am truly pleased with the services provided by PMCF. Phil and his team identified the value drivers inherent in our niche and multi-faceted business and the parties that would be most receptive to those attributes. With impressive marketing materials to communicate the message to the market and a skillful approach to cultivate interest, PMCF introduced the Company to a number of interested suitors. As a first-time business seller, I relied upon PMCF's transaction acumen and project management skills to effectively coordinate the due diligence process and the sale negotiation of two distinct entities, in two countries, in a seamless and simultaneous closing. PMCF managed this effort with great skill."
P&M Corporate Finance is a middle market investment bank providing merger and acquisition advisory services to companies in North America and Europe. PMCF provides a broad range of services including sale advisory, acquisition advisory, capital raising, and strategic advisory. The firm has dedicated industry teams providing services to the industrials, plastics and packaging, medical technology, and business and technology services industries. PMCF has offices in Chicago and Detroit and around the globe via its Corporate Finance International affiliates. For more information, visit www.pmcf.com.