YONKERS, N.Y., June 23, 2011 /PRNewswire/ -- Precision Valve Corp., the global market leader in aerosol valves and dispensing systems, today announced the closing of a recapitalization. Majority shareholder and Chief Executive Officer John Abplanalp said that the agreement would enable the Company to fully exploit the recently-completed consolidation of its worldwide manufacturing facilities and embark on a new era of growth.
Precision has partnered with MML Capital Partners, a London, England-based investment management company with offices in Europe and the US, and Sound Harbor Partners of New York, N.Y. The transaction also includes financing from Burdale Capital Finance. This new alliance will give the Company greater financial flexibility, long-term financial stability, and partners to support the evaluation and implementation of future strategic initiatives. The transaction also helps to begin rationalizing the Company's funding relationships around the world by aligning local treasury functions with the appropriate local financing partners.
In 1949, Robert Abplanalp invented the aerosol valve and created an entire new industry, increasing the market for many personal care and household products through a new packaging system still in use today.
Throughout its sixty-plus years of history, Precision has remained the technology leader and has fostered a culture of pride and professionalism in its global organization of more than 1,900 employees. CEO John Abplanalp, the founder's son, said that the support of MML would only enhance that culture and tradition.
"This financial transformation excites us because it frees us to focus our energies on what we do best - producing the most innovative and highest-quality products in the industry," Mr. Abplanalp said. "Our customers include the world's largest and best recognized consumer products companies. We are proud that they rely on us to help deliver quality products to their markets on six continents."
Shawn St. Jean, a Managing Partner of MML and newly appointed member to Precision's Board of Directors, said that Precision's leading market position created a unique opportunity for this partnership. Mr. St. Jean added, "We hope to contribute the financial support and guidance to enable Precision to move ahead with its plans to expand both its innovative product line and its global reach."
About Precision Valve Corporation
Founded in 1949, Precision Valve (www.precisionglobal.com) is the world's largest supplier of aerosol valves and a global leader in dispensing systems. Headquartered in Yonkers, New York, the Company employs approximately 1,950 people worldwide. Today, the Company has operations in 16 countries on six continents and is truly the only global manufacturer of aerosol valves, with an estimated global market share of approximately 35% based on units produced.
About MML Capital Partners
MML Capital Partners (www.mmlcapital.com) is a leading pan-European and transatlantic independent investment firm with over $2 billion invested across 11 countries during the last 20 years. It provides capital to businesses for expansion/acquisition, recapitalizations and management buyouts. MML has offices in London, Paris, Frankfurt and Stamford, Conn., as well as an affiliated Central European Fund with offices in Vienna, Budapest, Warsaw, Bucharest and Kiev.
About Sound Harbor Partners
Sound Harbor Partners is an investment management firm that provides long-term financing to middle market companies seeking capital to unlock shareholder value. Its focus is debt investments with equity upside, in partnership with great companies and management teams. Sound Harbor invests in secured loans, senior debt, subordinated debt and equity securities. For more information, visit www.soundharbor.com.
About Burdale Capital Finance
Burdale Capital Finance is a leader in Asset-Based Lending, based in the United Kingdom and operating in the United States, U.K. and Europe. Burdale has a strong track record of providing innovative and flexible tailored funding structures to businesses implementing turnaround and restructuring plans. Burdale also provides transactional funding to support management buyouts and buy-ins, corporate acquisitions and recapitalizations. These businesses may be capital-intensive, asset-backed, rapidly expanding, highly leveraged or underperforming. More information is available at www.burdale.com.
SOURCE Precision Valve Corp.
