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| Wind Point Partners Acquires The Matrixx Group |
| Chicago, IL | March 12, 2007 |
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Wind Point Partners, a private equity investment firm, has acquired The Matrixx Group (Matrixx) in partnership with Dr. J. Michael (Mike) Fitzpatrick.
Consistent with Wind Point’s investment strategy of partnering with a top caliber CEO, Mike Fitzpatrick will assume the role of Chairman and CEO of Matrixx upon close. Mike Fitzpatrick had a 30 year career with Rohm and Haas Company, an $8 billion public company, most recently serving as President and COO.
Matrixx, based in Evansville, Ind., is a leading independent compounder of thermoplastic resins serving the power tool, lawn and garden, appliance, automotive, HVAC, electronics and construction markets. Matrixx’ manufacturing process involves compounding resin with performance-enhancing additives matched specifically to their customers’ applications. Examples of end-use applications include electrical connectors used in construction and equipment assembly, motor and pump housings in appliances and automotive lighting components.
“The Matrixx Group is an excellent addition to Wind Point’s portfolio. We, along with Mike Fitzpatrick, identified Matrixx as the platform on which to build an industry-leading global specialty plastics company.” said Paul Peterson, a principal at Wind Point Partners. “Mike has an impressive track record of creating value and we are confident in his ability to lead an international growth strategy at Matrixx.”
“Matrixx has grown profitably because it has a balanced exposure to multiple market segments, a broad customer base, good conversion economics, excellent formulating know-how and a strong management team,” commented Fitzpatrick. “We see a terrific opportunity to build on that foundation; creating value by leveraging Matrixx’s manufacturing and administrative infrastructure and acquiring complementary businesses that will add new technologies and products and expand geographic reach to serve our global customers.”
Mike Fitzpatrick will be complemented at Matrixx by Keith Rodden. Keith, previously the Chief Operating Officer at Matrixx, assumed the role of President at close.
Legal counsel on this transaction was provided by Benesch, Friedlander, Coplan & Aronoff LLP. Debt financing on the transaction was provided by GE Antares Capital as Lead Agent, Co-Lead Arranger and Co-Bookrunner, CIT Sponsor Finance as Syndication Agent, Co-Lead Arranger and Co-Bookrunner, Merrill Lynch Capital as Documentation Agent and MCG Capital Corporation (NASDAQ: MCGC) as Senior Subordinated Lender.
About Wind Point Partners
Wind Point Partners is a private equity investment firm with $2 billion in capital under management. Wind Point focuses on partnering with top caliber management teams to acquire solid middle market businesses with a clear path to value creation. Additional information about Wind Point is available at www.wppartners.com.
About The Matrixx Group
Founded in 1985, The Matrixx Group is a leading independent compounder of thermoplastic resins serving the power tool, lawn and garden, appliance, automotive, HVAC, electronics and construction markets. The Matrixx Group’s product portfolio features compounded grades of nylon, ABS, polycarbonate, PBT, PET, polypropylene, polyethylene and engineering resin alloys. The Matrixx Group is headquartered in Evansville, Indiana, and has seven manufacturing sites: five in the United States and two in Italy. Matrixx expects to finalize site selection on their newest manufacturing operation to in the next 30 days. The new plant will be located near Roanoke, Virginia. Additional information about The Matrixx Group is available at http://matrixxgroup.com.
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