PMCF announces the recapitalization of Central Conveyor Company and its subsidiaries
Jan 28, 2015
Southfield, MI – January 28, 2015 – P&M Corporate Finance ("PMCF") is pleased to announce that it served as the exclusive financial advisor to Central Conveyor Company ("Central Conveyor" or the "Company") of Brighton, MI in a successful recapitalization with New State Capital Partners ("New State") of New York City, NY. The transaction and New State's partnership with Central Conveyor will provide access to additional capital and resources to support the next phase of the Company's growth. This includes initiatives with current customers via existing and new channels, diversifying into new industry sectors, and establishing a footprint in high potential markets such as Canada and Mexico.
Founded in 1993 and with global headquarters in Brighton, Michigan, Central Conveyor Company (www.centralconveyor.com) is a preferred provider to many customers given its differentiated offerings, services and end-to-end capabilities. The Company leverages its extensive system design, engineering, project management and system start-up skills and experience to produce both standalone systems and fully integrated solutions for existing manufacturing lines. Central Conveyor’s core service offerings include system integration and layout design services, mechanical and electrical system repair and installation, health assessment of existing systems, and ongoing service and maintenance. Central Conveyor operates a secondary facility in Bessemer, Alabama, and has been involved with both greenfield projects and retrofits of aging facilities throughout the United States, Canada, Mexico and the United Kingdom.
New State Capital Partners is a private investment firm that provides flexible capital solutions to leading middle market companies in the business services, healthcare services and industrial industries to support their growth via minority or majority investments. On the partnership with New State, Richard Wells, CEO of Central Conveyor, commented, "We're delighted to partner with New State. With their backing, we will be in a better position to execute fully on a number of important growth initiatives already underway. We are proud of our success to date, and enthusiastic about continuing the growth at Central Conveyor with a strong partner at our side.”
Central Conveyor selected PMCF to serve as the exclusive financial advisor for the transaction. Wells noted, "PMCF was an extremely valuable partner to the shareholders and myself throughout this process. The team was always available, extremely helpful and most of all very professional. I would highly recommend PMCF to any company considering a potential recapitalization."
PMCF is a middle market investment bank providing global merger and acquisition advisory services to private, public, and private equity owned companies. 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 plastics and packaging, medical technology, industrials, and business and technology services industries. PMCF has offices in Chicago and Detroit and around the globe via its Corporate Finance International associates. For more information, visit www.pmcf.com.