P&M Corporate Finance (PMCF) Announces Sale of Weatherchem, Market Leader in Dispensing Plastic Closures
Southfield, MI – December 13, 2012 – P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to Weatherchem Corporation (Weatherchem), a privately-held business in Twinsburg, Ohio, in its successful sale to Plattsburgh, N.Y.-based Mold-Rite Plastics (Mold-Rite). Mold-Rite is owned by private equity firm Irving Place Capital. The transaction will allow the combined businesses to provide a broader product line, expanded geographic reach and manufacturing capabilities, and the benefit of talented personnel across a larger organization.
Weatherchem, a family-owned company, has developed a strong brand name as an industry innovator starting with the original Flapper® closure to a staple packaging product for the spice end market. From this foundation, Weatherchem has expanded its leadership position into the nutraceutical end market including vitamins and supplements. Mold-Rite will retain the Weatherchem name to leverage the substantial brand equity that the company has created since its founding in 1971. For Mold-Rite, the acquisition of Weatherchem, combined with its recent acquisition of Stull Technologies, is part of a larger expansion plan that includes both organic growth and acquisitions, and builds upon the company’s standards of providing customers with reliability, superior responsiveness, and innovation.
“Our mission is to enhance our customers’ experience through superior packaging solutions delivered with unprecedented flexibility and responsiveness and bringing Weatherchem into our family shows further commitment to that goal,” said Brian Bauerbach, President and CEO of Mold-Rite. “Joining with an innovative company such as Weatherchem further adds to our high level of customer-focused value, and we are excited to be able to provide these new products and capabilities to our customers.”
Weatherchem’s shareholders selected PMCF’s Plastics & Packaging Group, led by John Hart, to conduct a sale process for the company. The company’s goals were to secure a partner that could assist in driving Weatherchem’s ambitious goals for growth and expansion. Jennifer Altstadt, President of Weatherchem noted, “PMCF’s highly structured process created interest from a broad and attractive range of financial and strategic buyers which allowed us to both maximize shareholder value while selecting the best partner for our organization to grow.”
PMCF facilitated discussions and negotiations with a range of potential strategic and financial parties in a process that ultimately resulted in a successful transaction with Mold-Rite, which closed on November 29.
About P&M Corporate Finance
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 plastics and packaging, medical technology, industrials, and business 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.