MAY RIVER CAPITAL ANNOUNCES PURCHASE AND RECAPITALIZATION OF PRIDE ENGINEERING
Chicago, Illinois, March 25, 2014 – May River Capital, LLC (“May River”), a Chicago-based private equity investment firm, announced it has purchased and recapitalized Pride Engineering, LLC (“Pride” or the “Company”) in partnership with management and other co-investors. Pride, based in Brooklyn Park, Minnesota, designs and manufactures highly engineered, mission critical machine tools and equipment used globally in the production of two-piece metal cans for the beverage and food industries. Pride’s products are considered the industry standard based upon their precision, accuracy and reliability. The transaction represents a new partnership between May River and the majority of Pride’s prior shareholders, including Mark Zauhar, founder, Bruce Allyn, President, and David Gadow, Director of Engineering & Manufacturing. In addition to investing alongside May River, Messrs. Zauhar and Allyn will also serve with May River on Pride’s Board of Directors.
Bruce Allyn, President of Pride, said “We are delighted to partner with May River. They share our vision for growing Pride and can provide financial, strategic and professional resources required to accomplish our goals and to provide our customers with the best products in the world.” Mark Zauhar, founder of Pride, added “This recapitalization is a positive outcome for our shareholders, employees and customers.”
Steve Griesemer, May River Partner, said “We were immediately drawn to Pride’s proprietary technology, its strong customer relationships, its large, global installed base, and the mission critical nature of Pride’s products.” Chip Grace, also a May River Partner, added “May River is pleased to be selected to partner with Pride’s management team in the acquisition. We look forward to assisting Bruce and the team in realizing Pride’s full potential in the years to come.”
Franklin Partners Inc. served as financial advisor to Pride and the selling shareholders in this transaction. Fifth Third Bank provided senior and subordinated debt financing in support of the recapitalization. Paul Hastings LLP served as legal counsel to May River and its investor group, while Ravich Meyer served as counsel to the Company and its shareholders.
About Pride Engineering, LLC
Pride Engineering, LLC designs and manufactures highly-engineered, mission-critical, multi-piece machine tools and related equipment for the front-end production of two-piece food and beverage cans. The Company’s product offering includes can body-forming tool packs, can bottom formers or “domers”, precision grinders, and the newly introduced GuardianTM line of Over Travel Sensors. Pride’s products are used in over 365 can-making lines in facilities around the world. Pride’s products utilize proprietary technology that extends the wearable life of can-making equipment and provides precision and consistency that cannot be replicated by other competitors. Pride’s products are considered the industry standard by two-piece food and beverage can makers around the world. For more information on Pride, please visit www.pridecan.com.
About May River Capital, LLC
May River is a private equity investment firm that seeks to invest its own capital, as well as partner with like-minded equity co-investors, in high quality, lower middle market businesses with excellent management teams and the potential for significant growth and value enhancement. May River was founded in January 2012 by three partners with over 40 years of principal investing experience. May River invests in partnership with family offices, mezzanine funds, co-invest funds, industry executives, and high net worth individuals. For more information on May River, please visit www.mayrivercapital.com.
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