Investment by Littlejohn Supports Growth Platform for Global Hot Runner Systems Provider
PEABODY, MA, May 6, 2011 – Synventive Molding Solutions, a Peabody, MA-based leading designer and manufacturer of hot runner systems and related components for the global injecting molding industry, announced today that it has closed its financial restructuring led by Greenwich, CT-based private equity firm, Littlejohn & Co., LLC.
“This is an exciting day for Synventive. Our successful financial restructuring demonstrates the confidence our new partners at Littlejohn have in the long-term potential of our company,” said Robert Davies, Synventive’s Chairman and Chief Executive Officer. “As a result of their support, we are now better placed to leverage our leading position as a provider of hot runner solutions to the automotive industry allowing us to expand into new segments and emerging markets. Given 75% of our revenue comes from outside North America we are actively exploring opportunities around the globe.”
Robert E. Davis, a Managing Director of Littlejohn, said, “We are excited to have Synventive represent our latest investment. With the conclusion of the restructuring, we believe that the company is now properly capitalized to aggressively pursue its strategic objectives.” Mr. Davis, along with Brian E. Ramsay and Antonio Miranda of Littlejohn, will join the Board of Directors of the company. After the restructuring, Synventive will be majority owned by Littlejohn.
Mr. Ramsay added, “Consistent with Littlejohn’s strategy of investing in market-leading businesses with strong management teams, we look forward to supporting Synventive, as the company looks to actively broaden its industry and geographical exposure, drive product growth and identify add-on acquisitions to further strengthen the business.”
About Synventive Molding Solutions
Synventive is one of the world’s leading manufacturers of hot runner systems and hot runner components. With a focus on providing high-quality products and value-added services, Synventive delivers complete solutions for all types of injection molding applications. The company offers a wide choice of standard products and has the ability to produce fully customized hot runner systems on demand – all backed by a dedicated after-sales service team. Since the 1970s, Synventive and its predecessors have served customers in the automotive, electronics, telecommunications, packaging, medical and consumer/industrial markets. With 700 employees worldwide, today Synventive operates with manufacturing in Asia, Europe and North America and service and support operations in 26 countries. For more information, visit www.synventive.com.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based control-oriented private equity firm focused on investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm is currently investing from Littlejohn Fund IV, L.P., which has over $1.3 billion in capital commitments. For more information, visit www.littlejohnllc.com.